Government initiatives, including subsidies, grants and tax incentives, are putting India on the cusp of an electric vehicle (EV) revolution. The world’s fifth-largest auto market is aiming to electrify 30% of its vehicles by 2030, meaning the country is poised for rapid growth and holds vast and largely untapped potential when it comes to commercial opportunities for innovators who can overcome the challenges that currently exist.
Driving e-mobility innovation in India
However, transportation in India presents unique demands for e-mobility to be effective. Batteries need to withstand scorching temperatures, and rapid charging is essential on a road network so congested.
International Battery Company (IBC) recognises India’s distinct environment and has become the first company to design EV batteries specifically for the market. It specialises in producing custom, environmentally friendly Prismatic Li-ion NMC batteries, set to play a pivotal role in powering the burgeoning EV revolution.
From concept to reality: IBC’s footprint
Currently, the company is focused on batteries for two and three-wheelers, light commercial vehicles and farm equipment. As well as being able to withstand high temperatures and rapid charging, IBC’s UN 38.3 certified, ready-for-delivery batteries are fully recyclable and reusable, addressing India’s pressing environmental concerns.
Rooted in extensive research and development that takes place in California’s Silicon Valley, then brought to life in a fully operational 50MW production facility in South Korea, IBC is already shipping batteries at volume to India. It has also secured contracts with partner customers to co-develop and supply battery packs, making it the first company in India to deploy its own technology into battery packs.
IBC is now looking to expand its operations to meet the ever-growing needs of India’s EV and energy storage sectors. Having secured $35M pre-series funding, including a pre-series A round led by RTP Global, the company’s next move is to advance the development of a new 100-acre lithium-ion Giga factory in Bengaluru, powered by a physics and data analytics engine. Once in production, which is on track for 2025, IBC will not just have a dedicated production facility within its primary market country, but will also be operating the largest lithium-ion Giga factory in India.
An electrifying future
India’s EV industry is expected to grow at a compounded annual growth rate of 90% from 2021 to 2030, reaching a value of USD 150 billion in that time frame, making it an incredibly fertile market for businesses that can remove the barriers to growth.
RTP Global’s investors have been inspired by IBC’s work and commitment to shaping and building a better future where technology drives change. At its core, IBC is a fusion of innovation, scalability and sustainability. This combination of an engineering-first mindset with a product philosophy inspired by Indian consumers’ voices makes it an exciting and very promising company.
Nishit Garg, Partner on RTP Global’s Asia investment team who spearheaded the investment in IBC said: “Our investment in International Battery Company underscores RTP Global’s steadfast and ongoing commitment to sustainable technology investments. It 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.”
Read more about IBC and its fundraise in TechCrunch