Prime Batteries Technology has signed an investment agreement with EIT InnoEnergy to increase annual production output
Prime Batteries Technology, a company based in Romania, is a pioneering developer, manufacturer, and distributor of lithium-ion batteries and storage systems. It has signed an investment agreement with EIT InnoEnergy, a sustainable energy innovation engine supported by the European Institute of Innovation & Technology (EIT), a body of the European Union.
The investment establishes EIT InnoEnergy as a shareholder in Prime Batteries Technology, helping the company in achieving its goal of increasing annual production output to 8 gigawatt-hours (GWh), attracting and retaining talent, and paving the way for it to become one of the leaders of the European battery value chain.
“We provide advanced storage solutions to a diverse range of international customers, and we have already secured the vast majority of orders for 2023 and 2024,” stated Vicentiu Ciobanu, CEO of Prime Batteries Technology. He highlighted that over 80% of their sales are to returning customers who attest to the quality and performance of their products. To meet rising demand the company needs to increase its production capacity. Therefore, they plan to boost annual output to 2 GWh by 2024 and to 8 GWh by 2026. “We will accomplish this by further developing the smart factory, which will allow us to produce batteries at a significantly lower cost.”
Prime Batteries Technology offers battery production and storage solutions across automotive, marine, industrial and material handling industries. The company has had successful partnerships with large DSOs, EPCs, and renewable energy producers from Central and Eastern Europe, including Poland, Croatia, Slovenia, and Turkey.
“Active investment in Europe’s electrification is critical to the continent’s energy security and accelerating the transition to sustainability,” said Diego Pavia, CEO of EIT InnoEnergy. He stated that they are committed to identifying the best technologies and assisting the most promising businesses in growing and making a bigger impact.
The value of the global battery market is expected to double in the next four years as demand for lithium-ion batteries grows rapidly – and in Europe, demand outstrips manufacturing – dynamic growth and strengthening of the continent’s supply chain is critical. Thus, it is on its way to becoming the world’s second-largest battery producer after China by 2025, and this investment is an excellent example of expertise and resource collaboration among key market players to enable rapid capacity scaling.