EIB Supports VoltStorage Technology To Store Wind and Solar Energy
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- VoltStorage develops ecological energy storage systems that store power from renewable energy, potentially overcoming dependency on sun shining and wind blowing.
- The EIB has granted a venture debt loan of €30 million to be invested in research, development and innovation, as well as a new factory.
- The loan is guaranteed by the European Commission’s research and innovation programme.
The European Investment Bank (EIB) is financing Munich-based VoltStorage GmbH with a venture debt loan of €30 million. The aim is to co-finance the development and commercialisation of innovative Vanadium redox flow battery for commercial and agricultural businesses and scale up the new Iron-Salt-Battery-technology (ISB).
With 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. This could eventually make renewable energy as independent from weather conditions as fossil fuel power plants.
The technology has the potential to become a game changer for the green transition towards renewable energies. That is why this EIB loan is backed by the European Union’s InnovFin Energy Demonstration Projects (EDP) Facility.
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VoltStorage plans to bring ISB technology to utility scale from 2025 onwards. Founded in 2016, the company aims to make renewable energy available around the clock using sustainable batteries. In contrast to the lithium or cobalt used in today’s car batteries, iron and salt are common raw materials that are easily obtained. And while for car batteries, short charging cycles are crucial, long duration energy storage systems are specifically developed for longer charging and discharging periods to bridge power generation gaps of up to 100 hours and ensure the provision of base load.
EIB Vice-President Ambroise Fayolle, who is responsible for activities in Germany, highlighted, “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 start-up.”
Jakob Bitner, CEO & Co-Founder of VoltStorage, remarked, “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.”