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InoBat, a European battery energy storage systems manufacturer, and Cartesian Growth Corporation II (OTCPK: RENEF) have signed a definitive business combination agreement. The deal values InoBat at $1.265 billion (~€1.1 billion) on a pre-money, pre-merger basis, including strategic- and EBITDA-based earnouts.
The Combination includes a committed $77.5 million PIPE from institutional investors and current shareholders and has no minimum-cash condition to closing. InoBat reports 875 MWh of contracted or delivered utility-scale BESS capacity and aims to expand its platform for AI and data center power demand. Closing is targeted for late 2026, after which InoBat is expected to list on Nasdaq under ticker “INBT”.