InoBat reported revenues and other income of €32.6 million ($37.1 million) for 2025, up from €6.5 million in 2024, according to a registration statement on Form F-4 that its holding company filed with the US Securities and Exchange Commission (SEC) on Sept. 24. Its net loss after tax narrowed to €17.5 million from €24.0 million, and it reported adjusted EBITDA of €3.8 million for 2025.
The filing also confirms that InoBat holds 20% of GIB EnergyX Slovakia, the joint venture developing a 20 GWh lithium iron phosphate cell factory in Šurany, Slovakia, with China’s Gotion High-Tech holding the remaining 80%. The plant is targeting a production start in 2027.
InoBat agreed in July to combine with Cartesian Growth Corp. II, a SPAC affiliated with New York private equity firm Cartesian Capital Group, in a deal valuing InoBat at $1.265 billion before the merger, including consideration tied to strategic and financial milestones. The deal includes $77.5 million of new capital committed by institutional investors and existing shareholders and has no minimum-cash condition. The F-4 puts the value of the SPAC’s trust account at about $6.0 million as of Aug. 31.
InoBat assembles utility-scale battery energy storage systems (BESS) under its BESSMONT brand. A module, pack and container assembly facility in Voderady, Slovakia, with a targeted annual capacity of 5 GWh, is now under construction. The company is also working with Analog Devices to integrate Western-built battery management, energy management, and supervisory control and data acquisition (SCADA) systems into its products.
Its sodium-ion program, a joint development with Clarios and Swedish sodium-ion cell maker Altris, targets low-voltage automotive applications, with possible extension to energy storage.
The deal is expected to close once the SEC declares the registration statement effective. The combined company will be renamed InoBat N.V. and trade on Nasdaq under the ticker INBT. InoBat’s strategic shareholders include Gotion, Rio Tinto, Amara Raja Energy & Mobility, and Slovak Investment Holding.
The listing comes after a series of setbacks for European battery cell manufacturing. Northvolt filed for bankruptcy in Sweden in March 2025, and Lyten later completed its acquisition of Northvolt’s assets. Norway’s Morrow Batteries also filed for bankruptcy in May of this year after failing to secure additional financing.
The post InoBat’s Nasdaq filing shows 2025 loss, 20% stake in Gotion gigafactory appeared first on Energy Storage.
