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Slovak Battery Maker InoBat Secures €100 Million in Latest Funding Round

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Slovak battery manufacturer InoBat announced on Friday that it has raised €100 million ($104 million) in its latest funding round, the largest for a technology company in Slovakia to date. This investment was led by Gotion High Tech, the Chinese battery cell maker and InoBat’s strategic partner. Other contributors included Slovakia’s sovereign wealth fund, Lilium, Bromo Capital, IPM Group, and Cielo Capital, alongside strategic investors such as Amara Raja and Rio Tinto.

Industry Significance

The announcement comes on the heels of Swedish EV battery maker Northvolt’s recent filing for Chapter 11 bankruptcy in the U.S., which has cast uncertainty over the future of Europe’s electric vehicle (EV) battery industry. Northvolt has been seeking to offload its electric industrial battery business by the end of the year, reflecting challenges faced by the sector.

In contrast, InoBat’s latest funding round highlights continued investor confidence in the Slovak company, particularly as Slovakia positions itself as a key player in Europe’s efforts to strengthen its EV battery industry and reduce reliance on Asian suppliers.

Background

In June, Slovakia’s Economy Minister Denisa Sakova announced a €1.2 billion investment plan by Gotion and InoBat to construct an EV battery plant in Slovakia. This project would represent the second-largest investment in the country’s history, underscoring the importance of the automotive sector to Slovakia’s economy.

Despite slower-than-expected demand for EVs, European countries have been competing to attract investments to bolster local battery production capacity.

Strategic Advantages

Andy Palmer, chairman of InoBat’s board, emphasized the importance of the company’s strategy in addressing Europe’s lag in battery technology. “Western Europe has been slow to react to the critical need for battery technology. InoBat has quietly gone about building both its own high-performance cell technology and its pragmatic partnership with Gotion to produce cost-effective cells,” Palmer stated.

Looking Ahead

InoBat plans to scale up the production of European-designed battery cells over the coming year and launch an energy storage business in collaboration with Gotion. Additionally, the company aims to start another funding round to support its expansion across Slovakia, Serbia, and Spain, while accelerating its presence in new markets.

This funding marks a significant step for InoBat as it seeks to meet growing demand for cost-effective and high-performance EV battery solutions amid a shifting European battery landscape.

 

OpenAI CFO Reassures Investors Amid Leadership Departures, Funding Round Set to Close Soon

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OpenAI’s CFO, Sarah Friar, sought to calm investors following a series of high-profile executive departures, assuring them that the company remains strong and poised to close a major funding round. In an email to investors. Friar addressed the departure of Chief Technology Officer Mira Murati and two top research executives, Bob McGrew and Barret Zoph, who all left this week.

“While leadership changes are never easy, I want to ensure you have the full context,” Friar wrote. She highlighted Murati’s contributions over her six-and-a-half-year tenure and emphasized the company’s “talented leadership bench” that remains capable of competing in the rapidly evolving AI industry.

Despite the recent turnover, OpenAI, which is backed by Microsoft and has recently partnered with Apple, is finalizing a $6.5 billion funding round. The round, led by Thrive Capital with a $1 billion investment, is expected to value the company at $150 billion. According to Friar, the funding round is oversubscribed and should close by next week.

In her message, Friar emphasized that the company remains “laser-focused” on democratizing AI and building sustainable revenue models, noting that investors will soon be introduced to key product and research leaders. The company remains committed to its next phase of growth.

Murati’s exit follows other high-profile departures at OpenAI, including co-founder John Schulman and safety chief Jan Leike, who joined rival Anthropic. Other founders such as Ilya Sutskever and Greg Brockman have also left, with Sutskever starting his own AI company, and Brockman currently on a leave of absence.

To fill the leadership gap, Mark Chen will assume the role of Senior Vice President of Research, while other executives like Kevin Weil, formerly of Meta, and Srinivas Narayanan will continue to drive the company forward.

In addition, OpenAI CEO Sam Altman addressed concerns in an all-hands meeting regarding rumors of a “giant equity stake” for himself, which he firmly denied. Investors have expressed concerns about Altman’s lack of equity in the company he co-founded nearly nine years ago.