German firm VoltStorage has secured a €30 million (£25.8m) venture debt loan from the European Investment Bank (EIB) to commercialise what could be a “game-changing” technology for the green transition.
The funding will co-finance the development and commercialisation of the company’s innovative Vanadium redox flow battery for commercial and agricultural businesses and scale up the new Iron-Salt-Battery (ISB) technology.
VoltStorage’s ISB technology will be used in long duration energy storage, offering solar and wind farms a “highly cost-effective and resource-saving” option, eventually helping make renewable energy as independent from weather conditions as fossil fuel power plants.
VoltStorage aims to make renewable energy available around the clock using sustainable batteries, with plans to bring ISB technology to utility-scale from 2025.
EIB Vice-President Ambroise Fayolle, who is responsible for activities in Germany said: “The EIB supports innovative and sustainable advanced technology developed and manufactured in the European Union and especially storage technology.
“VoltStorage’s technology has the potential to become a game changer for renewable energies, making them as reliable 24/7 as fossil fuel power plants have been in the past. We are therefore proud to support this promising start-up.”
