Libattion, a fast-growing company in the field of stationary energy storage solutions from upcycled e-car batteries, has secured a total of EUR14 million from four international investors. The funds will be used to significantly increase Libattion’s global presence and expand the activities in Europe.
Libattion aims to provide the market with a more sustainable and cost-effective battery technology, reduce the import of critical resources and thus drive forward the decarbonisation of the industry. The storage systems are modular and versatile and cover a wide range of capacities from 97 kWh to 60 MWh. They offer energy flexibility services for companies, such as frequency control and peak load reduction as well as fast charging for electric vehicles.
Libattion's proprietary algorithms and energy control systems ensure that the lifespan of upcycled batteries is extended and a high technical performance equivalent to that of new batteries is achieved.
Today Libattion announced the closing of a EUR14 million round. The financing round is led by A&G Energy Transition Tech Fund, together with the Spanish automotive supplier Teknia, the Portuguese fund HCapital New Ideas II and the Swiss energy utility EBL.
"We are convinced that the use of used electric car batteries as stationary energy storage systems will shape the future of the storage market," says Stefan Bahamonde, CEO and co-founder of the company. "With the help of the new partners, we will significantly increase our global presence and expand our activities in Europe as well as worldwide."
Juan Diego Bernal, Managing Director of the A&G Energy Transition Tech Fund, emphasises: "Libattion has all the key ingredients to become the European benchmark in the battery market. The company's technology is on the right track to solve two major problems of the energy transition: Firstly, it offers an economical alternative for the growing problem of electric vehicle battery waste and, secondly, an optimal alternative for stationary energy storage."
Alejandro Deleyto, Director of Strategy at Teknia, explains that "this investment is directly linked to Teknia Partner's intention to invest in sustainable mobility. The investment fits seamlessly into Teknia's strategy to make sustainability one of the main pillars of our business as a manufacturer of mobility components." Teknia Partners is the new mobility investment vehicle of Teknia, a Spanish multinational group specialising in the manufacture of metal and plastic components using a wide range of technologies.
(Press release / SK)
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