InoBat AS, a leading European battery energy storage systems and battery technology company, and Cartesian Growth Corporation II, a special purpose acquisition company announced that they have entered into a definitive business combination agreement (“BCA”).
The business combination (“Combination”) values InoBat at $1.265 billion (approximately €1.1 billion) on a pre-money, pre-merger basis, including consideration tied to the achievement of strategic and financial milestones. The Combination also includes $77.5 million in new capital committed by institutional investors and InoBat’s current shareholders. There is no minimum-cash condition to closing.
“This agreement is a defining moment for InoBat,” said Marian Boček, Co-Founder and Chief Executive Officer of InoBat. “Demand for electricity is rising as data center and AI infrastructure expands, and the operators building that infrastructure need reliable, large-scale energy storage. AI runs on computing; computing runs on power. InoBat has built a cash-generative BESS business serving industrial customers today, and we are now scaling that platform to further reinforce our position in advanced energy infrastructure for AI. A successful Nasdaq listing would provide us with access to the world’s deepest capital markets, which we believe would give us the resources and transatlantic reach to further accelerate our growth, expand manufacturing capacity, strengthen and advance our programs, including our next-generation sodium-ion energy storage technology, and reinforce our position as a leading advanced energy storage company.”
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Electricity demand from data centers and AI infrastructure is expected to support continued investment in grid modernization and energy storage. Centered in its assembly facility in Voderady, Slovakia, InoBat serves industrial and utility customers through its BESSMONT platform, which has delivered or contracted 875 MWh of utility-scale battery energy storage capacity, with a long pipeline of prospective projects. The company is also positioning its platform to support data center and AI-related infrastructure that requires resilient, flexible power to meet the growing global demand from hyperscalers. In parallel, InoBat is advancing next-generation sodium-ion battery technology with strategic partners, providing a differentiated and geopolitically resilient chemistry designed to complement lithium-ion for battery applications, including energy storage systems.
“InoBat is almost uniquely well-situated to address growing demand for battery storage in a world of heightened attention to supply chain security,” noted Peter Yu, Chairman and CEO of Cartesian II. “With industrial partners such as Clarios and Altris, and strategic investors including Gotion, Rio Tinto, and Amara Raja, we believe InoBat will play a critical role in the battery ecosystem.”
The proposed Combination is expected to close in late 2026, subject to customary closing conditions. Additional information about the proposed Combination will be provided in a Current Report on Form 8-K filed by Cartesian II with the Securities and Exchange Commission (the “SEC”) concurrently with this announcement. Following the closing of the Combination, InoBat is expected to trade on Nasdaq under the ticker symbol “INBT.”
SOURCE: InoBat