Dutch banking firm Rabobank, through its investment arm Rabo Investments, announced on Thursday, December 22, that it has acquired a minority stake in the Amstelveen-based large-scale battery energy storage developer GIGA Storage BV.
The capital will enable GIGA Storage to expand its network of large-scale energy storage, contributing to a sustainable electricity grid in the Benelux.
GIGA Storage: What you need to know
Founded in 2018, GIGA Storage is an energy company that develops, realises, and deploys large-scale energy storage projects through its IT platform (combination of hardware and software).
The company is trying to shut down gas and coal-fired power plants. The company does this by placing GIGA batteries in strategically smart places to manage sustainable energy storage optimally and to be able to supply energy at the right time.
The Dutch company says placing batteries in strategic locations prevents congestion and guarantees grid stability. Since its inception, the Dutch company has commissioned two projects and built a project pipeline of 12,500 MWh.
The operational projects in Lelystad have a capacity of 57 MWh, making it the largest player in the Netherlands. In addition, the pipeline includes projects in both the Netherlands and Belgium.
Within this, GIGA Storage has 420M Wh of projects that will be built soon, claims the company.
“With Rabobank, we welcome the first formal investor to our shareholders’ table. Until now, we have financed the company with various informal investors – all of whom have also contributed to the value formation of the company differently – but also with various crowdfunding rounds. With the market potential ahead of us, we believe that a financial party can be decisive for achieving our objectives.” says Ruud Nijs, CEO of GIGA Storage.
Rabo investment: What you need to know
Rabo Investments has invested more than €1.8B in the Food & Agri, Sustainability, and Healthcare sectors, ranging from growth capital for innovative startups & scale-ups to investments in established companies and funds.
Other recent investments by Rabo Investments in the Netherlands within the energy transition include econic (December 2022) and a co-investment in Esdec (December 2022).