EIT InnoEnergy agrees to invest in Prime Batteries Technology

EU-backed sustainable energy investor EIT InnoEnergy has signed a deal to make an investment of an undisclosed amount in Prime Batteries Technology, a manufacturer of lithium-ion batteries and tailor-made storage systems.

With headquarters in Romania, Prime Batteries Technology sells its products to various industries, including automotive, marine, industrial and material handling, as well as energy storage. It says that renewable energy producers are among its main existing customers.

The company hopes that the investment deal with EIT InnoEnergy will help it scale up its annual production output to 8 GWh. According to CEO Vicentiu Ciobanu, Prime Batteries Technology has already secured most of the orders for the next two years and over 80% of its sales go to returning customers.

“Due to growing demand, we need to increase our production capacity. Our ambition is to scale up our yearly production output to 2 GWh by 2024 and to 8 GWh by 2026. We will do this by further developing our smart factory that at the same time enables us to make batteries at a significantly lower cost,” Ciobanu stated.

EIT InnoEnergy, described as the innovation engine for sustainable energy backed by the European Institute of Innovation & Technology (EIT), is already an investor in sector players such as Sweden’s Northvolt and France’s Verkor.

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