Ricardo to Work with InoBat to Supply Battery Systems for Electrification Programmes for High Performance Automotive Vehicles

As part of its mission to support the decarbonisation of the global
transport and energy sectors, Ricardo, a global strategic environmental and
engineering consultancy company with specialisms in niche manufacturing and
industrial engineering, has signed a memorandum of understanding with
InoBat, a pioneer of premium electric vehicle battery R&D, engineering,
production and recycling, to jointly supply battery cells, modules and packs
to high performance automotive manufacturers for their electrification
programmes.

Ricardo and InoBat will co-operate on the assembly, production and testing
of cells, modules and full battery packs for a number of high performance
automotive applications. Drawing on its expertise in proprietary battery
cell R&D and large-scale battery cell production, InoBat will manufacture,
test and supply cells. As a globally trusted engineering and manufacturing
services partner for clean, efficient, integrated propulsion and energy
systems, Ricardo will design, assemble and test the battery packs and will
supply them to customers principally in the high performance automotive
market, but also in other sectors such as aerospace and defence, seeking to
accelerate their product decarbonisation.

Martin Starkey, Managing Director Ricardo Performance Products said:
“Leveraging our proven track record in industrialising technology Ricardo is
delighted to be working with InoBat to help establish a robust supply chain
for critical electrification components. Ricardo’s future manufacturing
strategy is very much aligned to this emerging need for electrified vehicle
components for the high performance automotive vehicles and other equally
demanding applications. In doing so, we will accelerate the adoption of
electrification in these critical sectors by providing a robust supply route
for key battery products. In addition, we are helping to contribute to the
green bounce back through sustainable practices, and helping to accelerate
net zero ambitions.”

Iain Wight, Chief Commercial Officer of InoBat commented: “Ricardo’s long
history of innovation and engineering experience make it the ideal partner
for InoBat. Our complementary capabilities and approach to battery
development and production will ensure that manufacturers have access to the
components they need, when they need them, helping accelerate the move to
green mobility. I am delighted that we are partnering with a company with a
shared sustainability ethos and, through collaboration, InoBat and Ricardo
can help pave the way to a greener future.”

This collaboration with InoBat further enhances Ricardo’s capability in the
production and supply of critical electric vehicle components. In September
2021, Ricardo received UK Government funding to assess the commercial
viability of a facility to assemble battery packs for UK manufacturers which
produce fewer than 10,000 electrified vehicles per year. These UK
electrified vehicle manufacturers included some of the world’s best known
prestige brands which create their luxury cars, special vehicles, or
off-highway machines for a customer base in the low thousands. The economic
study was funded by the Advanced Propulsion Centre’s Automotive
Transformation Fund supported by the Department for Business, Energy and
Industrial Strategy.

About Ricardo

Ricardo plc is a global strategic, environmental, and engineering consulting
company, listed on the London Stock Exchange. With over 100 years of
engineering excellence and employing close to 3,000 employees in more than
20 countries, we provide exceptional levels of expertise in delivering
leading-edge and innovative cross-sector sustainable products and solutions.
Every day, we enable our customers to solve the most complex and dynamic
challenges to help achieve a safe and sustainable world. Visit
www.ricardo.com

About Inobat

InoBat specialises in pioneering research, development, manufacture, supply,
recycling, and ultimate careful disposal of innovative electric batteries
custom-designed to meet the specific requirements of global mainstream and
specialist OEMs within the automotive, commercial vehicle, motorsport, and
aerospace sectors. InoBat provides innovative solutions across the entire
value chain thanks to its ‘cradle-to-cradle’ approach, which showcases the
concept of a circular economy. InoBat is backed by a strong consortium of
strategic investors and partners such as Rio Tinto, Amara Raja, Ideanomics,
IFC, IPM Group, Matador, AEN, CSG and Across. A European-based battery
manufacturer, InoBat already has a battery research and development facility
and pilot line under development in Slovakia. InoBat has also been approved
for grant financing under the EU sponsored programme, Important Projects for
Common European Interest, and already received a grant from the Slovak
Government. For more information and news on InoBat, please visit
https://inobatauto.eu