International Battery Company (IBC), producer of large-sized lithium-ion NMC ( Nickel Maganese Cobalt) has raised $35 million. IBC, batteries used in electric vehicles, plans to invest the fresh infusion of capital to expand its manufacturing facilities, improve its batteries, and add a layer of AI/ML technologies to strengthen its products.
The funding further will be used to establish a new battery manufacturing facility in Bengaluru, targeted to start production by 2025.
“We’re not just preparing to meet the demand; we’re actively shaping the market, driven by an engineering-first mindset and a sustainable product philosophy,” said Priyadarshi Panda, Founder and CEO of IBC. IIT Kanpur alumnus Panda founded IBC in 2022 in California, US, where the company’s research and development (R&D) centre is based.
International Battery Company’s principle manufacturing facility is located in South Korea. The batteries presently produced by IBC are most commonly used in two- and three-wheelers, light commercial vehicles, and farm and industrial vehicles.
International Battery Company (IBC) inks new deals for co-creation of lithium-ion batteries
The company revealed it has inked deals with three partners to co-create and supply battery packs, but it did not specify the vehicle form factors they would be deployed in. International Battery Company’s co-founders include Raj Singh (CRO), Venkatesh Valluri (President, IBC India), and Sasi Kuppannagari (COO).
The International Battery Company is constructing exclusive I-NMC Prismatic cells in India at the upcoming non-captive Gigafactory. These cells from the factory aim to simplify battery design with their substantial form factor, boast a 40% higher energy density compared to LFP cells, and are recyclable. Particularly tailored for mobility applications like Electric Vehicles (EVs), the cells contribute to a localized and secured supply chain for enhanced energy independence.
While research and development are underway in the United States, a pilot plant is under construction in South Korea, with plans for High-Volume Manufacturing in India at the non-captive Gigafactory.
The fresh round of funding by IBC was raised from investors including RTP Global, BEENEXT, Veda VC, and other Korean and US investors
