Swedish battery tech company Nilar secures €47M from EIB to fuel manufacturing, R&D, & commercialisation

Compared to the technological advancements in other fields, the progress in the battery industry has only been moderate. Right now, battery and storage technologies are crucial for delivering significant advances in a wide range of industries, from renewable power to EVs. The rise of the global electric-vehicle market would not be possible without the advancement of battery technology; thereby driving the growth of battery tech companies worldwide. 

According to a report, battery applications are expected to become a $90B+ (approx €77B) market by 2025. The need for better battery technology has catapulted many players, leading to an enormous boom in investments, as companies try to build key positions in the market.

Secured €47M

In the latest development, the European Investment Bank (EIB) has offered a €47M loan to Swedish battery innovator Nilar. The financing is supported by the InnovFin Energy Demonstration Projects of the European Commission, funded by the Horizon 2020 budget.

EIB Vice-President Thomas Östros notes: “After the Bank’s recent support to Northvolt, we’re glad to be able to get behind another Swedish project to further heighten the awareness around new European battery technology.”

Upgrade, boost R&D and commercialisation

The Swedish company will use the funding to support and upgrade manufacturing lines at its facility in Gävle over the coming years, as well as boost its R&D in order to demonstrate the commercial viability of the technology. 

Nilar produces Hydride batteries (NiMH) for energy storage that can be used in private households, commercial properties, and industrial plants. Its batteries can also be used to charge electric vehicles with stored renewable energy. The company claims that its batteries are environment friendly, as unlike most other industrial batteries, Nilar batteries are fully recyclable and free of cadmium, mercury and lead.

Nickel-based and fully recyclable

Nilar says the manufacturing process is much less energy-intensive than today’s Lithium-Ion technologies. The company’s batteries are Nickel-based and fully recyclable. Notably, the home boxes can help maximise the utilisation of energy from solar panels on private homes and contribute to rapid EV charging.

Michael Obermayer, Chairman of the Board of Nilar, says: “Nilar is fully integrated, from cell to system, including electronics and sophisticated control software, and does not rely on the import of cells from Asia. Close cooperation with highly skilled European academic researchers forms the basis for further rapid innovation.”

Last year, the company secured SEK 327M (nearly €31.64M) in a pre-IPO private placement. Lead investors in the round were the First Swedish National Pension Fund (AP1) and AFA Insurance (AFA). The raised capital was used to accelerate sales activities and to ramp-up production capacity.

The headquarters of Nilar is located in the municipality of Täby in Stockholm, Sweden. It has R&D departments in the US and Sweden, and a manufacturing plant in Sweden.

Main image credits: Nilar