Munich-based VoltStorage, a company that develops and produces energy storage systems based on ecological redox flow technology, announced on Friday, July 28, that it has received a venture debt loan of €30M from the European Investment Bank (EIB).
The EIB loan is backed by the European Union’s InnovFin Energy Demonstration Projects (EDP) Facility.
The InnovFin Energy Demonstration Projects (EDP) Facility provides loans, loan guarantees, and equity-type financing (typically between €7.5M and €75M) to innovative demonstration projects in the field of energy system transformation, including but not limited to renewable energy technologies, smart energy systems, energy storage, and carbon capture utilisation and storage.
Fund utilisation
The investment will help the German company support development and commercialisation of an innovative Vanadium redox flow battery tailored for commercial and agricultural businesses.
Additionally, VoltStorage says it will use the capital to scale up its groundbreaking Iron-Salt-Battery-technology (ISB).
The ISB technology marks a significant milestone in long-duration energy storage since it promises to offer cost-effective and resource-saving solutions to wind and solar farms, enabling them to bridge supply gaps during low wind and sun and ensure reliable base load capability.
VoltStorage: Pioneering energy storage systems
Founded in 2016 by Jakob Bitner, Michael Peither, and Felix Kief, VoltStorage develops and produces energy storage systems based on ecological redox flow technology.
With redox flow technology, VoltStorage is establishing a mass-market alternative to lithium-based storage technologies that do not require rare materials or conflict minerals, are fully recyclable, and have high operational reliability and durability.
VoltStorage aims to bring ISB technology to utility-scale from 2025 onwards.
Jakob Bitner, CEO & Co-Founder of VoltStorage, says, “We are thrilled to have the support of the EIB in our mission to provide cost-effective and sustainable energy storage solutions for businesses and communities around the world. This financing will enable us to fully focus on developing and commercialising our innovative energy storage solutions, as well as scaling up our production capabilities to meet growing demand.”
“This will accelerate our mission of making renewable energy available 24/7 with sustainable batteries and contribute to the transition towards a more sustainable and resilient energy future,” adds Bitner.
EIB Vice-President Ambroise Fayolle, who is responsible for activities in Germany, says, “The EIB supports innovative and sustainable advanced technology developed and manufactured in the European Union, and especially storage technology. VoltStorage’s technology has the potential to become a game changer for renewable energies, making them as reliable 24/7 as fossil fuel power plants have been in the past. We are therefore proud to support this promising startup.”
Read the orginal article: https://siliconcanals.com/news/startups/eib-provides-30m-to-voltstorage/
