South Holland, The Netherlands-based AQUABATTERY, a startup specialising in long-term energy storage, announced on Monday that it has secured €6M in a Seed funding round led by EIT InnoEnergy together with co-investors such as InnovationQuarter and Invest-NL.
Out of €6M, Invest-NL contributed €1.5M.
Bram Sprangers, Investment Manager at Invest-NL, says, “The energy transition will benefit significantly from innovative solutions such as those from AQUABATTERY. Long-term energy storage will undeniably play a crucial role as a foundation for the integration of renewable energy sources into the electricity grid.”
The company will use the funds to further develop its technology, hire new people, and start the first production.
AQUABATTERY: Reducing mainstream battery waste
In 2014, Jiajun Cen, Emil Goosen, Jan Post, and David Vermaas founded AQUABATTERY to reduce mainstream battery waste and pollution.
The co-founders recognised the urgent need for sustainable energy storage to enable a renewable grid.
For the next three years, they combined their expertise in water technology and energy science to build AQUABATTERY’s prototype: a flow battery using solely table salt and water.
The Dutch company has developed a Long Duration Energy Storage (LDES) flow battery technology in which energy can be stored with table salt and water.
LDES is energy storage with duration exceeding six hours.
Currently, large-scale battery energy storage systems typically have duration between one and four hours, claims the company.
The flow battery charges with electricity from solar and wind, converting the salt into two safe chemical solutions (electrolytes) that can be converted back to salt water when green power is needed again.
Statkraft and AQUABATTERY are partnering to develop a pilot to test the technology in Delft, The Netherlands.
The technology will be tested through a pilot that will last six to twelve months and will be deployed in Delft, the Netherlands.
EIT InnoEnergy: Driving sustainable innovation
Founded in 2010 and supported by the European Institute of Innovation and Technology, EIT InnoEnergy is a central force in the energy transition, driving sustainable innovation with technology, business model expertise, and skills.
The firm supports innovations in energy storage, transport, renewables, efficiency, industries, smart grids, and sustainable urban development.
InnoEnergy boasts a portfolio of over 200 companies, projected to generate €110B in revenue and save 2.1G tonnes of CO2e by 2030. These companies have collectively raised over €9.7B in investment.
The organisation spearheads three strategic European initiatives: the European Battery Alliance (EBA), the European Green Hydrogen Acceleration Center (EGHAC), and the European Solar Photovoltaic Industry Alliance (ESIA).
InnoEnergy has screened over 7,000 startups, launched 300+ products, and facilitated 370+ patents. With an ecosystem of 1200+ partners and 35 shareholders, it operates across Europe and in Boston, US.
01
Empowering Ukrainian Startups: Highlights from the PowerUp Ukraine 2024 Conference