RTP Global, BEENEXT, Veda VC, and additional US and Korean investors have contributed $35 million to International Battery Company (IBC).
The money raised will be utilized to improve batteries, build out the manufacturing facility, and improve the products by integrating a layer of AI/ML technologies.
The company has been able to fully operationalize its 50-megawatt (MW) manufacturing facility in South Korea, according to IBC, a California-based news organization. The company has begun shipping batteries to customers in India.
Now that its first factory is up and running, IBC plans to construct a comparable facility in Karnataka and have it running by 2025.
According to a TechCrunch report, IBC hopes to raise an additional $70 million.
Priyadarshi Panda founded IBC in 2022 to supply large-sized lithium-ion batteries for the small-mobility market, which includes light commercial vehicles, two- and three-wheelers, industrial and farm equipment, and more.
IBC and the Karnataka government inked an agreement in June of last year to invest Rs 8,000 crore ($1 billion) in the establishment of a manufacturing facility in the state.
IBC hopes to turn a $300 million profit by the end of 2026.
