Recently, the California-based International Battery Company (IBC) has successfully raised $35 million in funding from a consortium of investors, including RTP Global, BEENEXT, Veda VC, and various Korean and US backers.
IBC will strategically utilize the substantial funds acquired to expand its manufacturing capabilities further, enhance the quality of its batteries, and incorporate advanced Artificial Intelligence and Machine Learning technologies to optimize its product offerings.
As per IBC’s statements, the funding has played a pivotal role in making its 50-megawatt (MW) manufacturing facility in South Korea fully operational, with ongoing shipments of batteries to clients in India.
Buoyed by the success of its first operational factory, IBC is now setting its sights on establishing a similar manufacturing facility in Karnataka, India, with plans to have it operational by 2025. The company is actively seeking an additional $70 million in funding, as reported by TechCrunch.
Founded in 2022 by visionary entrepreneur Priyadarshi Panda, IBC specializes in providing large-sized lithium-ion batteries catering to the small-mobility sector. This includes two-wheelers, three-wheelers, light commercial vehicles, and industrial and farm equipment applications.
In a significant move last June, IBC agreed with the Karnataka government, outlining plans for a manufacturing facility in the state with a substantial investment of Rs 8,000 crore ($1 billion).
With ambitious goals, IBC aims to achieve $300 million in revenues by the end of 2026, solidifying its position as a key player in the dynamic and rapidly evolving battery technology sector.
