Mikkeli-based deeptech startup Geyser Batteries has been selected for the European Innovation Council (EIC) Accelerator funding—a highly competitive EU programme backing high-impact innovations with scale-up potential. The funding, which includes both grant and equity components, will support Geyser’s next phase of growth: completing product development, launching a pilot production line, and conducting large-scale trials in Finland and Spain. Known for its patented, water-based battery technology that avoids critical raw materials like lithium and nickel, Geyser offers a safe, sustainable solution for grid flexibility and blackout prevention. With rising global demand for resilient energy storage, this funding paves the way for Geyser’s international commercial rollout and team expansion in the South Savo region.
Geyser Batteries is a Finland-based technology company developing a new class of high-power, water-based batteries designed for demanding industrial and grid applications. Established in 2018, the company builds on over two decades of research and development in the energy storage sector by its founding team.
Geyser’s patented technology is engineered for rapid charge and discharge cycles, long operational life, and minimal environmental impact. Free from critical raw materials such as lithium and nickel, the batteries offer a safer and more sustainable alternative for sectors requiring reliable power and grid stability. Geyser Batteries is currently setting up its production capabilities in Finland, while actively collaborating with partners to validate its solutions in real-world conditions.
“Together with our European partners, we are preparing exciting pilot projects in Finland and Spain. To deliver them, we plan to expand our team, ideally hiring new talent from the Mikkeli area. Being selected for this funding provides strong support for our next steps, and we are looking forward to entering the Grant preparation stage of the EIC programme” says Andrey Shigaev, CEO of Geyser Batteries Oy.
The EIC Accelerator is a funding instrument under the European Innovation Council, part of the EU’s Horizon Europe programme. It supports small and medium-sized enterprises (SMEs), including startups, that are developing high-impact innovations with strong potential for market scale-up. The programme provides a combination of grant and equity funding to help companies bridge the gap between early-stage research and market entry. Selection is highly competitive, with a rigorous evaluation process focused on the innovation’s technological feasibility, commercial potential, and societal relevance. The EIC Accelerator aims to foster the growth of breakthrough technologies within the European Union and beyond.
The award decision by the EIC Jury is subject to signing the Grant Agreement with the European Commission and the Investment Agreement with the EIC Fund.
Geyser Batteries established its operations in Mikkeli in 2022 with support from Mikkeli Development Miksei Ltd’s Invest-in team.
“This is excellent news. Geyser Batteries is one of only two companies in Finland selected for this funding in this round, and the only one from the South Savo region,” says Timo Paakki, CEO of Mikkeli Development Miksei Ltd.
Mikkeli Development Miksei has supported the company since the early stages by helping identify suitable premises and continues to provide ongoing business advisory services.
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Read the orginal article: https://arcticstartup.com/geyser-batteries-selected-for-eic-funding/
