Munich-based energy storage system provider VoltStorage has secured a â‚¬30 million venture debt loan from the European Investment Bank.
The loan will be used to co-finance the development and commercialisation of vanadium redox flow batteries for commercial and agricultural use, as well as â€œscale up new Iron-Salt-Battery-technology (ISB).
VoltStorage plans to bring ISB technology to utility scale from 2025 onwards.
â€œWith the development of the ISB, VoltStorage is setting standards in the field of long duration energy storage, offering wind and solar farms a highly cost-effective and resource-saving option for bridging supply gaps during periods of low wind and sun and for ensuring base load capability.â€ a statement said.
EIB Vice-President Ambroise Fayolle, who is responsible for activities in Germany, said: â€œThe EIB supports innovative and sustainable advanced technology developed and manufactured in the European Union, and especially storage technology. VoltStorageâ€™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 start-up.â€
Jakob Bitner, CEO & co-founder of VoltStorage, added: â€œWe 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.â€