InoBat AS
Definitive (DA signed)Consumer Discretionary · electric vehicle battery development and manufacturing · Voderady, Slovakia · founded 2019
- What it is
- Sells utility-scale BESS (BESSMONT line) assembled in Voderady, Slovakia to industrial and utility customers (e.g. OFZ steel plant, Orava), with a stated pivot toward powering AI/data-center infrastructure; licenses/industrializes battery-cell IP (NMC pouch cells, E10 UAV cell, sodium-ion with Clarios/Altris) and participates in the GIB gigafactory JV with Gotion for cell manufacturing.
- What it’s doing now
- Merging with Cartesian Growth II (RENEF) — definitive (da signed), announced Jul 27, 2026.
- What you should know
- The real share count puts the effective valuation 63% above the announced $575M.
The business, per its filings
SEC primaryInoBat is a European battery energy storage systems (BESS) manufacturer and battery-cell development platform: through its BESSMONT product line it designs, assembles and deploys utility-scale BESS from its Voderady, Slovakia facility for industrial and utility customers (875 MWh delivered or contracted across Europe per the announcement), while in parallel developing next-generation sodium-ion cell technology with Clarios and Altris and holding a stake in the Gotion InoBat Batteries (GIB) gigafactory JV with Gotion High-Tech; strategic shareholders include Rio Tinto, Amara Raja, Gotion High-Tech/Volkswagen Group, Slovak Investment Holding (SZRB Group), Across Finance and IPM Group, and it is an EU IPCEI awardee. Founded September 2019 (as InoBat Auto) and led by co-founder/CEO Marian Bocek with chairman Andy Palmer (ex-Aston Martin CEO); the BCA counterparty is InoBat AS, a Norwegian aksjeselskap holding company, though operations are headquartered in Slovakia. NO SEC-filed financial statements exist yet (F-4 pending): the 8-K's own risk factors call InoBat 'an early-stage company with a history of financial losses', while the press release claims a 'cash-generative BESS business' and the earn-out is gated on EBITDA of EUR 47M (FY2026/27) and EUR 87M (FY2027/28) - targets, not actuals.
Source: 425, accession 0001104659-26-097288 · as of Jul 27, 2026 · extraction confidence: medium
What the company says about itself
Web research — not auditedSite presents InoBat as 'a European technology leader in advanced battery solutions' combining IP, R&D and vertically integrated manufacturing; announces upcoming BESSMONT brand launch for power solutions; timeline spans 2019 founding, CEZ EUR10M (2020) and Rio Tinto (2021) investments, first Slovak battery line (Dec 2023), Gotion gigafactory MOU, Amara Raja Series C (2024), E10 UAV cell (May 2025), Clarios sodium-ion partnership (Jan 2026), and a Jan 2026 claim that 'Despite a Challenging Year, InoBat closes 2025 with profit'. Leadership: Marian Bocek (co-founder & CEO), Andy Palmer (chairman), Tara Lindstedt (CDO), Victoria Vernarecova (COO).
- Markets:
- Utility-scale battery energy storage (BESSMONT); battery cells for e-mobility, UAV/drones (E10 cell), aviation, high-performance automotive; sodium-ion next-gen chemistry
- Products:
- BESSMONT utility-scale BESS; variable-format pouch battery cells (NMC622 Gen1, 31Ah high-performance cell, E10 drone cell); R&D labs + pilot line producing multiple pouch formats/chemistries
- Customers:
- OFZ steel plant (Orava BESS); historical cell partners/customers: Lilium, Cosworth, Ricardo, SOR (e-bus), Impact Clean Power Technology, Echion, GUS Technology, Pod Point/Brill Power; Riple (Nigeria BESS MOU)
8-K risk factors describe InoBat as 'an early-stage company with a history of financial losses' while the website (Jan 2026) claims InoBat 'closes 2025 with profit' and the press release calls the BESS business 'cash-generative' - no audited figures filed yet to arbitrate. Entity naming: BCA counterparty is InoBat AS, organized under the laws of NORWAY, while the website presents a Slovakia-headquartered group.
Source: https://web.archive.org/web/2026/https://www.inobat.eu/ · captured Aug 14, 2026 · marketing claims are reported as claims, never merged into the filed figures above.
The deal it’s entering
InoBat AS is merging with Cartesian Growth II (RENEF), a $230M SPAC currently marked Deal announced.
| Headline equity value | $575M |
| Effective valuation (all shares) | $940M+63% vs headline |
| Sponsor promote | 20% |
| PIPE | ≈ $78M · unsourcedpreferred + warrants: $50M of 490,196 ListCo 12.0% Series A Cumulative Convertible Preference Shares (stated value $120.00) plus PIPE Warrants for 100% of underlying commons; and $27.5M of 269,608 Lis |
Structure per SEC accession(s) 0001104659-26-086861, 0001104659-26-061522. How to read these numbers: headline vs effective valuation · what a definitive agreement commits
What exactly is being valued, and at what
Was this deal done at an expensive or a cheap valuation?
SpacBrain’s read on the price
No multiple can be computed
We hold no revenue figure in US dollars for InoBat AS, so there is nothing to divide the price by and no multiple can be struck. It is not recorded as pre-revenue either — this is a gap in our record, not a finding that the company has no sales. The deal values it at $940M regardless.
We have not extracted a revenue figure for this company from its filings yet. That is our gap, not a statement about the business.
Post-dilution equity (net debt unknown).
Not extracted from the filings yet.
Not computable — no revenue figure has been extracted from the filings yet.
$1 of their sales costs $2.30 on the open market. Median of 6 listed companies we judged a true comparable, which individually run from 0.76× to 11.73×. Their share prices are from 15 August 2026, not today.
What qualifies the figures above
- Struck on the post-dilution value of $940M, not the announced $575M — new shares handed to the sponsor, warrant holders and the PIPE are part of what public buyers are really paying.
- The target's cash and debt are not in the filings we have, so this is an equity value used as a stand-in for enterprise value.
- NRGV, BESS, ELPW, QS, 373220.KS, SHLS, 300750.SZ, DFLI, GWH, XPON, CSIQ, KULR have no revenue to divide by, so they are shown but left out of the peer median.
The listed companies it is measured against
| Ticker | Company | Mkt cap | EV / revenue | EV / EBITDA | Why it’s comparable |
|---|---|---|---|---|---|
| FLNC | Fluence Energy, Inc. | $3.0B | 0.8x | — | Fluence Energy is the listed pure-play utility-scale BESS integrator - the direct large-cap version of InoBat's BESSMONT business of designing and deploying grid-scale storage for utilities and industrials.more ▾less ▴ |
| NRGV | Energy Vault Holdings, Inc. | $779M | — | — | Direct comp: Batteries & Uninterruptable Power Supplies; small-cap ($779m); shares bess, battery, storage, deploys, energy, utility with the target's own description; forward EV/Sales 2.9x.more ▾less ▴ |
| EOSE | Eos Energy Enterprises, Inc. | $1.5B | 11.7x | — | Eos Energy Enterprises manufactures and deploys its own utility-scale battery energy storage systems from a single plant - the closest listed analog to an emerging-scale BESS manufacturer ramping production.more ▾less ▴ |
| BESS | Bimergen Energy Corp | $41M | — | — | Direct comp: Batteries & Uninterruptable Power Supplies; micro-cap ($41m); shares bess, battery, storage, ion, energy, generation with the target's own description; forward EV/Sales 1.0x.more ▾less ▴ |
| STEM | Stem, Inc. | $58M | 2.5x | — | Stem Inc. sells battery energy storage to commercial/industrial and utility customers; benchmarks how the market values sub-scale BESS providers with thin margins.more ▾less ▴ |
| MVST | Microvast Holdings, Inc. | $329M | 1.1x | 10.0x | Microvast is a listed vertically-integrated lithium battery cell/pack manufacturer serving commercial vehicles and ESS - comparable cell-manufacturing economics at similar scale.more ▾less ▴ |
| ELPW | eLong Power Holding Ltd | $8M | — | — | Operational comp: Batteries & Uninterruptable Power Supplies; micro-cap ($8m); shares battery, batteries, ion, storage, high, energy with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| QS | QuantumScape Corporation | $3.9B | — | — | QuantumScape is the benchmark listed pre-commercial next-generation battery chemistry developer, comparable to InoBat's sodium-ion and advanced-cell R&D platform value.more ▾less ▴ |
| SES | SES AI Corporation | $227M | 3.0x | — | Operational comp: Batteries & Uninterruptable Power Supplies; small-cap ($657m); shares battery, ion, storage, batteries, cell, energy with the target's own description; forward EV/Sales 1.1x.more ▾less ▴ |
| 373220.KS | LG Energy Solution | — | — | — | LG Energy Solution is the scaled global battery cell manufacturer whose economics InoBat's gigafactory JV ambitions point at; KRW listing so multiples auto-skipped.more ▾less ▴ |
| SHLS | Shoals Technologies Group, Inc. | $1.4B | — | — | Operational comp: Electrical Components & Equipment (NEC); small-cap ($1.4bn); shares bess, battery, storage, group, energy, manufacturer with the target's own description; forward EV/Sales 2.4x.more ▾less ▴ |
| 300750.SZ | CATL | — | — | — | CATL (partner Gotion's larger Chinese rival) anchors what mature battery manufacturing earns and is valued at; CNY listing so multiples auto-skipped. |
| DFLI | Dragonfly Energy Holdings Corp | $37M | — | — | Operational comp: Batteries & Uninterruptable Power Supplies; micro-cap ($37m); shares battery, batteries, cell, storage, energy, next with the target's own description; forward EV/Sales 0.9x.more ▾less ▴ |
| GWH | ESS Tech, Inc. | $42M | — | — | Operational comp: Batteries & Uninterruptable Power Supplies; micro-cap ($42m); shares battery, batteries, tech, ion, energy, storage with the target's own description; forward EV/Sales 56.7x.more ▾less ▴ |
| XPON | Expion360 Inc | $7M | — | — | Operational comp: Batteries & Uninterruptable Power Supplies; micro-cap ($7m); shares battery, assembles, batteries, storage, energy, designs with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| CSIQ | Canadian Solar Inc. | $1.6B | — | — | Operational comp: Photovoltaic Solar Systems & Equipment; small-cap ($1.6bn); shares battery, storage, utility, energy, scale, manufacturer with the target's own description; forward EV/Sales 1.3x.more ▾less ▴ |
| KULR | KULR Technology Group Inc | $135M | — | — | Operational comp: Electrical Components & Equipment (NEC); micro-cap ($135m); shares battery, batteries, storage, cell, energy, systems with the target's own description; forward EV/Sales 3.5x.more ▾less ▴ |
| ENS | EnerSys | $7.3B | 2.1x | 12.2x | Operational comp: Batteries & Uninterruptable Power Supplies; mid-cap ($6.3bn); shares battery, batteries, storage, utility, energy, systems with the target's own description; forward EV/Sales 2.0x.more ▾less ▴ |
Which companies belong on this list is our judgement, and the sentence beside each one is the whole of our reasoning — disagree with it and the verdict above changes. Rows marked context only are shown because they are informative, but they are deliberately left out of the median. The multiples come from listed-company data priced Aug 15, 2026; a private target’s deal multiple is not audited the way theirs are.
Common questions
Is InoBat AS going public?
InoBat AS has a signed merger with the SPAC Cartesian Growth II (RENEF), announced Jul 27, 2026. Deal status: Definitive (DA signed).
What is InoBat AS's SPAC deal valuation?
The announced headline equity value is $575M, but counting every share class — founder promote, PIPE and public shares — the effective valuation is $940M, 63% above the headline.
Was InoBat AS bought at an expensive or a cheap valuation?
We hold no revenue figure in US dollars for InoBat AS, so there is nothing to divide the price by and no multiple can be struck. It is not recorded as pre-revenue either — this is a gap in our record, not a finding that the company has no sales. The deal values it at $940M regardless.
Does InoBat AS have revenue?
The filings we've parsed don't state a usable revenue figure yet; this profile is updated as new documents land.
Educational content, not investment advice.
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