Technology and construction group STRABAG has made a â‚¬100 million equity investment in German battery and energy storage company CMBlu Energy.
â€œBy joining forces with storage producer CMBlu Energy, STRABAG is planning to speed up the development of specific large energy storage projects through their support with construction and infrastructureâ€, a CMBlu Energy statement said.
CMBlu Energy has developed an â€˜SolidFlowâ€™ battery that combines the advantages of two technologies â€“ redox flow batteries and solid state batteries. â€œThe state power and capacity are independently scalable and energy density is high,â€ the statement said. â€œThe technology is based on abundantly available, recyclable, and organic materials resulting in almost infinitely scalable energy storage systems that can be cost-effectively adapted to the respective application.â€
Currently, CMBlu Energy, together with partners, is working on multiple pilot projects in Europe and the US to validate the large energy storage solutions. The company has projects in the Austrian state of Burgenland, in the US in Wisconsin and Arizona, and with the Uniper power plant Staudinger near Hanau, Germany.
CMBlu Energy said it does not use â€œconflict nor scarce materialsâ€ in its energy storage systems. Unlike lithium-ion batteries, the SolidFlow storage systems are â€œcost-effective, environmentally friendly, and secure,â€ the company added.
Dr. Peter Geigle, founder and CEO of CMBlu Energy, said: â€œThe good and very open negotiations have shown that STRABAG and CMBlu Energy are highly complementary. As developers and producers, we can now invest into the construction and expansion of our production facilities. We will especially profit from the broad experience and execution power STRABAG has in large infrastructure projects.â€
Klemens Haselsteiner, CEO at STRABAG, added: â€œThe game changer for the energy transition are storage systems that make renewable energies available when needed. We are excited about this European innovative power. With our investment in CMBlu Energy, we are breaking new ground in the construction industry. In order to reach one of the most important goals in our company history â€“ becoming climate-neutral by 2040 â€“ we want to become a full-range supplier for energy services for our construction projects. Together, we will deliver large energy storage projects in a standardised construction design.â€