NW, an energy storage project developer, has secured € 430 million (~$466 million) in non-recourse bank financing from Santander CIB and Rabobank.
The funding will enable the company to develop and upgrade the JBox-distributed electricity storage unit and establish more than 2GWh of energy storage projects in Finland and France by the end of 2025.
“Today, NW is entering a new phase of growth, demonstrating the solidity of its business model. We are very proud to have won the confidence of Rabobank and Santander, international banks with a particularly strong reputation in the energy transition, and this is a fundamental step towards our ambition of operating more than 5 GWh of storage by 2028”, explains Jean-Christophe Kerdelhué, Founder and CEO of NW.
Since 2018, the company has been developing and supplying its own lithium-ion-based battery solutions called JBox, trying to offer stability and flexibility services to the electricity grid, operating with over 600 MW of installed energy storage capacity.
It also provides more than 130 ultra-fast charging stations for electric mobility. Combining the JBox with their proprietary charging solutions called IECharge, the company says that it can provide its users with the lowest charging price in Europe at around €5 (~$5.4)/100 km.
According to the recently released Mercom’s 9M and Q3 2024 Funding and M&A report for Energy Storage and Smart Grid, Venture capital (VC) funding for Energy Storage companies in 9M 2024 came to $2.7 billion in 61 deals, a 69% decrease YoY compared to $8.6 billion in 68 deals in 9M 2023.
In April, Harmony Energy, a utility-scale energy storage project developer, secured a £10 million (~$12.5 million) credit facility from Triodos Bank U.K. to support the development of new projects and its expansion across Europe. The new facility is the bank’s first U.K. loan to the standalone energy storage sector.
