Schiedam, the Netherlands-based Battolyser Systems, a developer of the world’s only electrolyser with battery functionality, announced that it has secured a €30M Series A investment round from Invest-NL, Global Cleantech Capital, and Innovation Industries.
Out of the total, Invest-NL invested €8.2M in the Dutch company. With this investment, Invest-NL has exceeded the €1B mark in committed investments.
Minister of Economic Affairs, Dirk Beljaarts, says, “This investment emphasises the importance of Invest-NL as a driver of innovation and sustainability. Attracting private investors for risky innovations is good news for SMEs, employment, and the future earning capacity of the Netherlands.”
Rinke Zonneveld, CEO of Invest-NL, says “It is a major milestone that we have reached this milestone four and a half years after our start. We remain committed to investing in companies that make the Netherlands more innovative and sustainable. With our investments, we have also been able to mobilise new capital, including European capital.”
Global Cleantech Capital and Innovation Industries completed the first close of the Series A round of €15M in July 2023. Further, they increased their investment in a second close of an additional €15M with Invest-NL in September 2024.
Fund utilisation
The company will use the funding to scale its operations and bring to market its next-generation electrolyser in 2025.
The announcement comes after raising €40M financing agreement signed with the European Investment Bank (EIB) in October 2023. Battolyser Systems was the first Dutch climate tech scale-up investment of the EIB.
The recent funding rounds will contribute to the financing of Battolyser Systems’ large-scale manufacturing facility to meet commercial demand and will be located in the Rotterdam port area, the hydrogen epicenter of Europe.
Mattijs Slee, CEO of Battolyser Systems says, “Over the last year we scaled our technology from a successful industrial pilot at RWE’s Magnum power plant in Eemshaven, The Netherlands, to a MW-scale demonstration unit. We are proud to receive the continuous support of our existing investors with deep and cleantech expertise whilst adding Invest-NL, the Dutch National.Promotional Institution, which plays a crucial role in the Dutch energy transition.”
Battolyser Systems: Developing fully flexible alkaline electrolyser
Founded as a spin-off of TU Delft, Battolyser Systems develops the world’s first fully flexible alkaline electrolyser with battery functionality for green hydrogen — Battolyser.
The company’s technology can switch on and off following intermittent renewable energy.
With its 100 per cent flexibility, it reduces the cost of green hydrogen and alleviates grid congestion.
The next-generation Battolyser is offered as a 2.5MW plug-and-play skid and 5MW modules that are integrated with a Balance of Plant on site.
The investor
Invest-NL is the National Financing and Development Institution of the Netherlands.
Its mission is to provide financing to companies and innovations that currently do not have sufficient access to existing financing options.
Invest-NL works together with various stakeholders, including entrepreneurs, other financiers and investors, and development specialists from both the public and private sectors.
Reda Atibi, Investment Manager, Invest-NL says, “We believe that Battolyser Systems’ unique alkaline electrolyser with battery functionality has incomparable characteristics that will contribute to the transition from grey to green hydrogen markets. Our investment in Battolyser Systems is a strategic step in our mission to accelerate the energy transition in the Netherlands and support clean technologies that contribute to a future-proof economy. We look forward to working with Battolyser Systems to accelerate their growth and mission.”
Global Cleantech Capital (GCC) is a growth-stage venture capital firm investing to scale exceptional companies into new market leaders in the clean energy, mobility, smart cities, and fintech sectors.
Based in Amsterdam investing primarily in Europe and the US, the VC leverages its deep commercial, finance, and renewable networks to help scale portfolio companies.
Paul Kloppenborg, CEO of Global Cleantech Capital says, “The Battolyser unlocks the full potential of renewable energy and maximising hydrogen production asset performance by rapidly adjusting to volatile and increasingly frequent negative power prices. This flexibility is a key solution to decarbonize industry and also to produce off-grid fuels. We are excited to see their commercial deployment next year and the growth that will follow.
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