Startup Raises €50M to Expand Renewable Energy Storage
A clean-tech firm specialising in long-duration battery technology has closed a major Series B round led by European climate funds.
A clean-energy startup focused on long-duration grid storage has closed a €50 million Series B funding round, with participation from two sovereign climate investment funds and several industrial conglomerates seeking to decarbonise their operations.
The company's iron-air battery technology promises storage durations of up to 100 hours at a fraction of the cost of lithium-ion alternatives, a key requirement for managing the intermittency of wind and solar generation at scale.
Proceeds will fund the construction of a pilot grid-scale installation in northern Germany, expected to be operational by early next year.
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