The Spanish Ministry of Industry has granted Slovakian battery company InoBat funding of 53.8 million euros in addition to a 456,000-euro loan. The subsidies come from the third round of the PERTE VEC funding program which aims to promote electric mobility.
Total investment of 712 million euros
The funds have been allocated for the construction of a battery factory in the Spanish city of Valladolid where InoBat plans to invest a total of around 712 million euros. The factory is expected to reach a capacity of 32 gigawatt-hours in 2027, with plans to expand to an undetermined full capacity by 2029.
2.5 billion euros for 300 companies
The funding is part of the “Vehículo Eléctrico y Conectado” programʼs third round. According to the ministry, this round comprises more than 408 million euros for various battery projects. In addition to InoBat, this includes projects by PowerCo in Sagunto, Stellantis in Figueruelas, and Renault in Valladolid. In total, nearly 2.5 billion euros have been awarded to approximately 300 companies through various PERTE VEC tenders.
