German energy storage specialist VoltStorage GmbH has been granted a venture debt loan of EUR 30 million (USD 33.07m) by the European Investment Bank (EIB) to advance innovative battery systems for renewable energy storage, the EIB said.
The financing will support the development and commercialisation of VoltStorage’s vanadium redox flow battery for commercial and agricultural businesses. The technology is seen as an alternative to lithium-ion batteries as it does not require the use of rare materials, is fully recyclable and has high operational reliability and durability.
The EIB funds will be also invested in a new factory to scale up the production of VoltStorage’s new iron-salt-battery (ISB) technology. The system is meant to enable long-duration energy storage and help wind and solar farms ensure base load capability. According to the statement, the Munich-based company plans to bring the technology to utility scale from 2025 onwards.
The fresh financing comes after VoltStorage raised EUR 24 million in a Series C funding round in 2022 to support the development of its power storage systems.
The company was founded in 2016 with the vision of making clean and affordable energy accessible around the clock.
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