VoltStorage bags €30 mn EU-secured loan for battery storage technologies
German flow-battery firm VoltStorage has received significant support from the European Investment Bank (EIB) with a venture debt loan of €30 million. The loan is secured by the EU facility "InnovFin - Demonstration projects in the energy sector", given the criticality of the company's long-term energy storage technologies in integrating renewable energy.
The company says that the EIB loan will be co-financing the development and commercial use of innovative vanadium redox flow batteries for industry and agriculture and the expansion of its new iron-salt battery technology.
Wind and solar park operators can bridge the supply gaps in times of low wind and sunshine and to ensure base load coverage in a very cost-effective and resource-saving manner, VoltStorage claims. In the future, regenerative sources could supply energy just as independently of the weather as oil and gas, it adds.
Jakob Bitner, CEO and co-founder of VoltStorage, commented on the development, "We are thrilled that the EIB is supporting us in our mission to provide cost-effective and sustainable energy storage solutions to businesses and communities worldwide".
"The funding allows us to fully focus on developing and commercializing our innovative solutions and expanding our production capacity to meet growing demand. This brings us closer to our goal of making renewable energy usable 24/7 via sustainable batteries and contributing to a more sustainable and resilient energy future", he added.
VoltStorage is expanding its iron-salt battery technology, with large scale deployment targeted from 2025 onwards. Iron and salt are common raw materials that can be easily extracted - unlike lithium or cobalt, which are currently used in car batteries, the company notes.
Further, long-term storage meant for long charging and discharging periods in order to bridge supply gaps of up to 100 hours and to ensure base load coverage requires different battery technology as against small EV batteries, the company observes.
"The EIB supports innovative and sustainable advanced technologies developed and manufactured in the European Union, in particular storage technologies. VoltStorage's technology has the potential to be a game changer for renewable energy. The supply could thus become as reliable as it used to be with oil and gas – around the clock. We are happy to be part of this promising start-up", said Ambroise Fayolle, EIB Vice-President.