Rio Tinto invests in Inobat to develop battery line, research center in Slovakia

Rio Tinto Group said Nov. 16 that it agreed to invest in battery technology and manufacturing company Inobat Auto JSA to help complete a pilot battery line and a research and development center in Slovakia.

The agreement follows a memorandum of understanding between the two parties signed in May that outlined plans to establish a battery manufacturing and recycling value chain in Serbia, where Rio Tinto's Jadar lithium project is located.

"Our Jadar lithium project in Serbia is ... capable of producing enough lithium to make around one million electric vehicle batteries a year to the highest environmental standards," said Marnie Finlayson, managing director of Rio Tinto's battery materials business. "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."