Battolyser Systems says it has raised $33 mln to fund expansion
AMSTERDAM, Sept 12 (Reuters) -Battolyser Systems, a Dutch startup that makes combined battery and green hydrogen producing machines, has said it had raised 30 million euros ($33 million) to fund expansion.
Investors included Global Greentech Capital, Innovation Industries and Invest-NL, the Dutch flagship venture capital fund, Battolyser said in a statement.
Battolyser, which sealed a 40 million euro financing package with the European Investment Bank in 2023, did not disclose what the latest fund-raising valued it at.
Its nickel-iron battery systems are charged during the day when there is an abundance of solar and wind energy. They then use electricity to turn water into green hydrogen.
At night, the battery feeds electricity back into factories or the power grid.
CEO Mattijs Slee said that following a 1MW pilot at an RWE power plant in Eemshaven, Netherlands, Battolyser plans to market 2.5MW and 5MW modules.
Battolyser, a spin-off from the Delft University of Technology in the Netherlands, began developing a 14,000 metre factory in Rotterdam in 2022.
($1 = 0.9081 euros)
Reporting by Toby Sterling;
Editing by Alexander Smith
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
