German flow-battery company VoltStorage has obtained a significant loan of €30 million from the European Investment Bank (EIB) through its venture debt program. The loan received support from the EU facility “InnovFin – Demonstration projects in the energy sector” and aims to aid the development and commercialization of VoltStorage’s innovative vanadium redox flow batteries for industry and agriculture, as well as the expansion of its iron-salt battery technology.
VoltStorage’s storage technologies are crucial for the integration of renewable energy sources and can address supply gaps during periods of low wind and sunshine. The company’s objective is to make renewable energy usable 24/7 and contribute to a more sustainable and resilient energy future. CEO Jakob Bitner expressed enthusiasm about the EIB’s support, stating that it will enable VoltStorage to focus on advancing and bringing its solutions to market in response to the increasing demand.
The expansion of VoltStorage’s iron-salt battery technology is planned for large-scale deployment starting in 2025. The company emphasizes that iron and salt, readily available raw materials, can be extracted more easily compared to lithium or cobalt used in conventional car batteries. Furthermore, VoltStorage highlights the necessity of diverse battery technology for long-term storage and base load coverage, which requires extended charging and discharging periods.
EIB Vice-President Ambroise Fayolle commented on the bank’s satisfaction in supporting VoltStorage’s innovative and sustainable storage technology. He acknowledged its potential as a game changer for renewable energy, enabling its supply to become as reliable as that of traditional fossil fuel sources.
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