Dutch large-scale electricity storage company Elestor has secured a €30 million investment from a consortium led by the corporate venture capital arm of the Norwegian energy giant Equinor. The consortium also includes the venture capital arm of the world’s leading independent tank storage company Royal Vopak, Dutch impact investor Invest-NL (as co-lead investor) and Somerset Capital Partners, as well as existing shareholders EIT InnoEnergy and Enfuro Ventures.
“The investment proves that we have earned the trust and support of this diverse group of highly respected investors. During the investment process, coordinated by Deloitte Corporate Finance as Elestor’s exclusive advisor, the investors have carried out a comprehensive technical and operational due diligence that has validated both our technology and our ability to deliver,” said Guido Dalessi, CEO, Elestor.
Elestor, which has been ranked as one of the 10 most innovative companies in the Netherlands, is now ready to implement an ultra-rapid growth strategy that will accelerate the commercialisation of its proven hydrogen bromine flow battery technology, up to a GW scale production facility, which is a truly unprecedented development.
“We are ready to deliver exactly the kind of renewable electricity storage solutions the world is crying out for right now: Long Duration Energy Storage, or LDES. Expansion of Elestor’s production capacity and supply chain management is under control of Hylke van Bennekom (COO, Elestor), who joined the company’s management team in April 2021 through an MBI.” said Dalessi.
Founded in 2014 by Wiebrand Kout (CTO, Elestor), Elestor has developed flow batteries using hydrogen and bromine as active materials, both available at virtually unlimited quantities. In addition, as the battery generates hydrogen during the charging process, the concept introduces several new and unique possibilities for integration with hydrogen infrastructures and electrolysers. As such, the Elestor technology bridges the two worlds of energy storage: with batteries and in the form of hydrogen.
The technology makes it possible to store renewable energy produced by wind farms or by solar power plants in a way that is both cost-effective and efficient, as well as robust and scalable.