Storage manufacturer Libattion raises 14 million euros

Swiss company Libattion, which specialises in stationary energy storage systems based on recycled electric vehicle batteries, has raised 14 million euros from investors. The company will use the fresh capital to increase its global presence and intensify its activities in Europe and beyond.

Libattion states that it has now brought four investors on board who are contributing 14 million euros. These are the A&G Energy Transition Tech Fund, the Spanish automotive supplier Teknia, the Portuguese fund HCapital New Ideas II, and the Swiss energy supply company EBL.

Libattion markets its storage systems under the name “e-Racks” and states that it wants to provide the market with “a more sustainable and cost-effective battery technology” to reduce the import of critical resources and contribute to the industry’s decarbonisation. The company relies on its own algorithms and power control systems to ensure the performance of the remanufactured electric vehicle batteries in the storage units.

The Zurich-based company produces energy storage systems with modular designs that can cover a wide range of capacities, from 97 kWh to 60 MWh.

“We strongly believe in the transition from electric car batteries to stationary systems as an alternative energy storage system,” says the company’s CEO and co-founder Stefan Bahamonde. “We are very pleased to have strong partners on board, who will help us achieve the next milestones. The successful investment round is a clear indicator of Libattion’s strength and resilience, as well as of our enormous potential for future growth.”

Source: Info via email, libattion.com