On a mission to make Electic Vehicle batteries more sustainable, German startup Voltfang has raised €5 million. The Aachen-based startup builds and connects energy storage solutions from second-life EV batteries and is now set to scale.
The energy transition is hurtling forward at an accelerated pace. It’s changing how we heat our homes, charge our devices and move from A to B. From renewable energies to electric vehicles, energy storage and usage is undergoing transformative change – and it requires fresh innovation to keep up pace and efficiency.
Electric vehicles pollute less, are more environmentally friendly, and are the future of mobility. However, there has been a growing concern about the sustainability of batteries and charging facilities for EVs. What happens to the batteries once they’re used? At the same time – with the rise of renewable energy usage, questions are arising over how to optimally store and harness these energies.
Giving a second life to EV batteries, German startup Voltfang is keeping circularity at the core of the energy transition by converting used batteries into connected storage systems.
Afshin Doostdar, CTO: “We can connect urgently needed capacities to the grid in the coming years to ensure grid stability. This is not only an advantage to our customers but to anyone who wants to avoid blackouts. The grids are not designed for the energy transition. Electric mobility, heat pumps and fluctuating renewable energy require cost-effective and sustainable intermediate storage solutions that can be deployed in the short term. With our energy storage systems, we achieve this and reach a milestone in addressing the fundamental challenges of the energy transition.”
The startup, founded in 2021 as a spin-off from RWTH Aachen, has just secured €5 million in new funding. The round was led by PT1 – PropTech1 Ventures, with additional backing from Helen Ventures, Aurum Impact, Eviny and AENU.
Fabian Heilemann, AENU: “Stationary battery storage systems will play a central role in the energy system of the future by aligning electricity generation and consumption over time. Since Voltfang’s energy storage systems are made from reused electric vehicle batteries, they not only contribute to the energy transition but also reduce dependence on and consumption of resources compared to the production of new batteries. With their academic and practical expertise, the Voltfang team has the optimal DNA to build a European champion in the field of second-life batteries.”
Based in Aachen, Voltfang provides a solution to both the battery recycling problem and the energy solution, by creating high-quality energy storage systems from used electric vehicle batteries. The startup leverages AI-based software to evaluate battery longevity, enabling the reuse of EV batteries and mitigating waste.
David Oudsandji, co-CEO: “We give the battery a second life in stationary operations. With the help of our operating systems and continuous monitoring, we can make our batteries just as durable as new batteries.”
The storage systems can then be used to store renewable energies in a sustainable way. It creates batteries that don’t need new resources and is more affordable – helping protect businesses from rising electricity prices.
Roman Alberti, co-CEO: “In 10 years, there will be no new batteries in the commercial sector. This is not only about the sustainable recycling of batteries but also about saving on material imports and costs. With the help of our energy y management system, our storage systems can be intelligently deployed, allowing the battery to be amortized as quickly as possible.”
Currently, the young company has won major clients such as ALDI Nord and Schaltbau and has already conducted several successful pilot projects in Germany. With this new funding, the plan is to deliver more than 40MWh of storage capacity by the end of 2024.
Niko Samios, PT1: “There is no question that the market opportunity for energy storage will be enormous in the coming years. Sustainable energy production is becoming increasingly affordable, but it needs to be stored somewhere due to the grid structure, and decentralization is the best approach. Voltfang offers the most interesting product in this field that we have seen because they combine a cost advantage with a sustainability bonus.”
Read the orginal article: https://www.eu-startups.com/2023/05/aachen-based-voltfang-secures-e5-million-funding-boost-for-its-circular-approach-to-ev-batteries/
