The Netherlands-based Elestor, a large-scale electricity storage company, announced on Saturday, July 27, that it raised €30M in a fresh round of funding led by Equinor Ventures, the corporate venture capital arm of Norwegian energy giant Equinor.
The round also saw participation from the venture capital arm of independent tank storage company Royal Vopak, Dutch impact investor Invest-NL (as co-lead investor), and Somerset Capital Partners, as well as existing shareholders EIT InnoEnergy and Enfuro Ventures.
Guido Dalessi, CEO of Elestor, says, “The investment proves that we have earned the trust and support of this diverse group of highly respected investors. During the investment process, coordinated by Deloitte Corporate Finance as Elestor’s exclusive advisor, the investors have carried out a comprehensive technical and operational due diligence that has validated both our technology and our ability to deliver.”
Capital utilisation
Elestor says that the proceeds will help implement an ultra-rapid growth strategy that will accelerate the commercialisation of its proven hydrogen bromine flow battery technology up to a GW scale manufacturing facility.