CMBlu Energy, an organic solid flow battery technology developer, 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 to prove out its large-scale energy storage solutions. These include publicly announced projects with WEC Energy Group in Wisconsin, Salt River Project in Arizona, and several other sites in Europe.
“The game changer for the energy transition are storage systems that make renewable energies available when needed. We are excited about this European innovative power, “emphasizes Klemens Haselsteiner, CEO at STRABAG, “Together, we will deliver large energy storage projects in a standardized construction design – “warehouses for electricity” – even faster, more efficient, and easier.”
“The SolidFlow batteries can be scaled up to the gigawatt-hour range and enable to cap peak loads and smooth the volatility of renewable energies so that they become base-load capable and help the energy transition to succeed – even if the wind doesn’t blow or the sun doesn’t shine. An energy system built upon large energy storage systems offers more independence of fossil energy and limits the necessity of buying energy from abroad. On top of that, it provides more possibilities for large energy producers, e.g., municipal utilities, power plant operators or industry and commerce as well as charging infrastructure operators, to use or trade the electricity more flexibly,” said Dr. Peter Geigle, Founder and CEO of CMBlu Energy.
According to Mercom’s recently released 9M And Q3 2023 Funding and M&A Report for Storage & Smart Grid, VC funding in Energy Storage in 9M 2023 was up by 115% YoY with $8.6 billion in 68 deals compared to $4 billion in 74 deals in 9M 2022.
Earlier this year, XL Batteries, a provider of long-duration grid-scale energy storage solutions, raised $10 million in a Seed-2 round, which Catalus Capital led, with additional investment from SIP Global, Xerox Ventures, and existing investors Jeffrey Schwarz, Joel Greenblatt, and Robert Goldstein.