Slovakian battery technology company InoBat has announced a milestone move toward Nasdaq listing, following a $1.3 billion pre-money deal ahead of a business combination agreement (BCA) with Cartesian Growth Corporation II.

The BCA with special purpose acquisition company (SPAC) Cartesian was approved by the boards of both companies last July.

InoBat said in an update on September 24 a registration statement had been publicly filed with the US Securities and Exchange Commission (SEC) by InoBat BV / ‘TopCo’ — which will become the parent of both InoBat and Cartesian on completion of the BCA.

Closing of the BCA is expected once the SEC declares the registration statement effective. Also on closing, TopCo will be renamed ‘InoBat NV’ and is expected to trade on Nasdaq under the ticker symbol ‘INBT’.

The BCA valued InoBat at almost $1.3 billion on a pre-money, pre-merger basis, including consideration tied to the achievement of strategic and financial milestones.

The agreement includes $77.5 million of new (PIPE) capital committed by institutional investors and InoBat’s current shareholders at closing.

Significantly, InoBat is repositioning from being a European gigafactory and battery tech developer to also being a BESS provider for grid operators and AI datacentre suppliers, potentially attracting US investors.

However, it is unclear how US interest might be tempered by existing shareholders and partners in InoBat, including China’s Gotion High-Tech. Other InoBat backers include mining giant Rio Tinto and Indian lead acid battery major Amara Raja Energy & Mobility.

Meanwhile, InoBat is increasing the level of supply chain localisation in Europe through its Voderady, Slovakia site, where a BESS module, pack, and container assembly facility with a targeted annual capacity of 5GWh is under construction.

GIB EnergyX Slovakia, InoBat’s gigafactory investment with Gotion around 40 miles from Voderady, is developing an LFP battery cell facility with an initial planned capacity of 20GWh and a targeted start of production in 2027.

InoBat is also working on pilot-scale and small-series Na ion battery production in Slovakia with Clarios and Altris.

Batteries International reported earlier this month that the Spanish government had awarded InoBat a grant of €54 million ($64 million) and a loan of €456,000 to set up another gigafactory in the country’s northwest.