Elestor, a Dutch-based large-scale energy storage company, secured €30 million (~$30 million) in a funding round, which was led by the corporate venture capital arm of the Norwegian energy company Equinor with participation from Royal Vopak, Invest-NL, and Somerset Capital Partners.
Existing shareholders EIT InnoEnergy and Enfuro Ventures also participated in the round.
The company plans to use the new funds to accelerate the commercialization of its hydrogen bromine flow battery technology up to a GW-scale production facility.
Founded in 2014, Elestor develops flow batteries using hydrogen and bromine as active materials. As the battery generates hydrogen during the charging process, the concept introduces several possibilities for integration with hydrogen infrastructures and electrolyzers. The technology makes it possible to store renewable energy produced by wind farms or by solar power plants in a cost-effective, efficient, robust and scalable way.
“The investment proves that we have earned the trust and support of this diverse group of highly respected investors. During the investment process, coordinated by Deloitte Corporate Finance as Elestor’s exclusive advisor, the investors have carried out a comprehensive technical and operational due diligence that has validated both our technology and our ability to deliver,” said Guido Dalessi, CEO of Elestor.
“Technologies providing long-term energy storage at scale will play an important role in satisfying the growing need to stabilize power markets,” said Gareth Burns, head of Equinor Ventures.
Last Month, On.Energy, a fully integrated battery energy storage system provider, closed $100 million in funding from Sustainable Development Capital (SDCL) Energy Efficiency Income Trust (SEEIT). The company said that the conditional financing commitment would accelerate the deployment of battery energy storage systems for corporate, industrial, and utility customers across the United States and Canada.
According to Mercom’s 1H and Q2 2022 Funding and M&A Report for Storage, Grid & Efficiency, In Q2 2022, VC funding for Energy Storage, Smart Grid, and Efficiency companies increased to $2.4 billion in 34 deals compared to $1.6 billion in 37 deals in Q1 2022.