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International Battery Company Raises $35 Million, Including RTP Global's Pre-Series A Backing

The funding will further the development and production of Prismatic Li-ion NMC batteries that operate safely in high temperatures and support fast-charging

International Battery Company Raises $35 Million, Including RTP Global's Pre-Series A Backing
Priyadarshi Panda, founder of International Battery Company

Outlook Start-Up Desk

POSTED ON January 20, 2024 3:26 PM

International Battery Company (IBC), a product and technology company that creates eco-friendly, large-sized rechargeable prismatic Li-ion NMC batteries, raised $35 Million. This includes a Pre-Series A round led by RTP Global and contributions from a broader investment base, which includes Beenext, Veda VC, and other strategic Korean and US Investors. 

The investment marks an important moment in IBC's journey to revolutionize the global EV landscape.

IBC has channeled this investment into a 50 MWh capacity manufacturing plant and has developed United Nations 38.3 and BIS-certified, ready-for-delivery battery cells for the Indian market, reflecting the growing needs of India's EV and energy storage sectors. These batteries will meet the region's distinctive requirements, such as operating safely in high temperatures, supporting fast charging capacities in democratized charging environments, and offering an extended lifecycle with a seven to ten-year warranty. 

Furthermore, its highly eco-friendly products use fully recyclable and reusable components, supporting India's push towards a greener future and closed-loop manufacturing, where materials are repurposed and reused, minimizing waste and reducing environmental impact and the carbon footprint. 

India's EV market is expected to account for more than 40 per cent of its automotive market and generate over $100 billion of revenue by 2030, according to a recent report by Bain & Co. IBC has currently focused its product development on batteries for two and three-wheelers, light commercial vehicles, and farm and industrial equipment targeting the small mobility sector. Embracing a collaborative ethos, IBC has also secured binding contracts with three partner customers to co-create and supply battery packs.

IBC's research and development is rooted in Silicon Valley, United States, with production taking place at a fully operational, state-of-the-art facility in South Korea. The 50MWh manufacturing facility produces United Nations-certified prismatic Li-ion NMC batteries, which are already being shipped at volume to India. 

The funds have enabled the expansion of IBC's manufacturing capabilities, including setting up state-of-the-art data systems with AI/ML models for yield enhancement. They will advance the progression of a 'copy exact', new 2 GWh lithium-ion Giga factory in Bengaluru, which will commence production by 2025, following an MoU with the Karnataka government in August 2023 for 100-acres of land next to Bangalore. This facility is part of IBC's vision to achieve a production capacity of 10 GWh by 2028.

IBC is led by Priyadarshi Panda, an alumnus of the Massachusetts Institute of Technology (MIT) and the Indian Institute of Technology (IIT) Kanpur. His expertise in micro and nanoscience, combined with his experience at Intel, Lam Research and Applied Materials, has been instrumental in IBC's journey towards innovation and scalability.

His experience includes establishing a Prismatic phosphate-based Li-ion GigaFactory in New York and a Prismatic Li-ion NMC Factory in Korea, with plans for a third battery manufacturing facility in India tailored for the Indian market.

Panda is joined by co-founders Raj Singh (CRO), Venkatesh Valluri (President, IBC India), and Sasi Kuppannagari (COO), each bringing unique expertise to propel IBC's mission. He said, "This funding is a powerful vote of confidence from our investors, accelerating our vision to transform the EV landscape. As pioneers in giga-scale manufacturing in India, we are setting the pace in the market with precision, innovation, a deep understanding of Indian consumer needs, and a unique product-based approach. We're not just preparing to meet the demand but actively shaping the market, driven by an engineering-first mindset and a sustainable product philosophy. With the EV industry in India on the cusp of a revolution, IBC is poised to lead this energy transformation."

RTP Global is an early-stage venture capital firm backing the founders who use technology to reimagine the world's workings. Since 2000, it has made over 110 investments worldwide, with one in 10 becoming multi-billion dollar companies and one in 20 publicly trading at over $10 billion. Notable investments include Datadog, DeliveryHero, Cred and SumUp. It has offices in New York, London, Paris, Dubai and Bangalore.

Nishit Garg, Partner on RTP Global's Asia investment team, said that the company's investment in IBC reinforces our strategy of investing in early-stage, innovative ventures and our long-term support for their visionary founders. "IBC's work in EV battery tech aligns perfectly with our mission to back transformative projects that have a positive impact on a global scale," he added. 

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