Pacific Green Secures $146 Million for 249 MW Energy Storage Project

AQUABATTERY, a Dutch startup specializing in developing saltwater long-duration energy storage solutions, secured a €6 million (~$6.4 million) seed investment led by EIT InnoEnergy and supported by InnovationQuarter, Invest-NL, Init Power, and a group of business angels.

The company’s technology is an acid-base flow battery based on reversible water dissociation. The battery stores electricity in the form of chemical energy in acid, base, and saltwater solutions, which are kept in separate tanks. Pumps circulate these fluids through a power stack with electrodes separated by membranes. The membranes allow ion exchange between electrolytes to generate electricity.

The funding will help the company develop its first standardized battery module and boost hiring. The company is planning to launch its fourth pilot battery in Delft, Netherlands, later this year.

Roel van Diepen, Investment Director EIT InnoEnergy Benelux, commented on the deal: “It confirms the key role we expect flow batteries to play in our future energy system as we see the technology maturing into commercially viable solutions.”

“Long-duration energy storage will become a cornerstone for integrating renewables into the grid, resolving network congestion, and accelerating industrial decarbonization.”  Said Invest-NL’s Bram Sprangers.

According to Mercom’s recently released Q1 2024 Funding and M&A Report for Storage & Smart Grid, VC funding for Energy Storage companies increased by 9% YoY, with $1.2 billion in 23 deals in Q1 2024 compared to $1.1 billion raised in 19 deals in Q1 2023.

CMBlu Energy, an organic solid flow battery technology developer, last year secured €100 million (~$105 million) equity investment from globally operating technology and construction group STRABAG SE. The funding will be used to scale up the company’s battery technology production. CMBlu Energy, together with collaboration partners, is currently working on multiple pilot projects in the U.S. and Europe.