PERTH (miningweekly.com) – Diversified miner Rio Tinto has solidified its agreement with Europe-based battery technology company InoBat Auto, offering an investment in the firm.

This investment will support the completion of InoBat’s research and development centre and pilot battery line in Voderady, Slovakia.

The investment followed a May memorandum of understanding (MoU), which outlined an intention to work together to progress the establishment of a “cradle-to-cradle” electric vehicle battery value chain in Serbia.

“We are delighted to be able to deepen our partnership with InoBat through our investment and look forward to benefitting from a broader perspective of the battery materials sector, as well as insights into future battery chemistries and technologies,” said Rio MD of battery materials Marnie Finlayson.

“Our Jadar lithium project in Serbia is on the doorstep of the European electric vehicle market. Capable of producing enough lithium to make around one-million electric vehicle batteries a year to the highest environmental standards, we believe Jadar will be a critical supplier of the European battery ecosystem and, through our investment in InoBat, we hope that we can assist in making some of those batteries locally.”

InoBat is actively pursuing plans to build a number of gigafactories, including one in Serbia. The company specialises in the pioneering research, development, manufacture, and provision of premium innovative electric batteries custom-designed to meet the specific requirements of customers within the automotive, commercial vehicle, motorsport, and aerospace sectors.

Rio’s $2.4-billion Jadar lithium-borates project in Serbia is one of the largest greenfield lithium projects in development. The Jadar project remains subject to receiving all relevant approvals, permits and licences and ongoing engagement with local communities, the government of Serbia and civil society.

It has the potential to produce approximately 58 000 t of battery grade lithium carbonate and position Rio as the largest source of lithium supply in Europe for at least the next 15 years.

InoBat CEO Marian Bocek said that the company was thrilled to further partner with Rio.

“Our mission has always been to provide solutions across the entire value chain, a cradle-to-cradle approach, which showcases the concept of the circular economy and will support Europe’s bid for technological independence. Side-by-side with Rio Tinto, we are looking forward to further developing our manufacturing capacities and working closely on the downstream development of a battery ecosystem with common decarbonisation efforts at its core.”