September 20, 2025: The Spanish government said on September 8 it had awarded Slovakian EV batteries developer InoBat a grant of €54 million ($64 million) and a loan of €456,000 to set up a gigafactory in the country’s northwest.

InoBat has indicated previously that the plant, in Valladolid, will need an investment of more than €700 million to produce its lithium-based EV batteries.

The gigafactory is expected to be operating by 2027 with a production capacity of 32GWh and to ramp up further by 2029.

The industry and tourism ministry said it has awarded a total of nearly €2.5 billion to date to 300 companies involved in the rollout of electric and connected vehicles.

Other companies to benefit from support for projects in the country have included PowerCo, Stellantis and Renault.

In September 2023, InoBat formalized a collaboration agreement with Echion Technologies to study how Echion’s niobium-based XNO anode material could boost battery performance.
InoBat said then it was about to start R&D into using XNO, which it claimed could lead to lithium ion batteries that deliver high power across a cycle life of more than 10,000 cycles.