Hengelo, The Netherlands, August 31, 2022
Koolen Industries group company Elestor has secured €30 million of additional VC investment from a consortium led by the corporate venture capital arm of the Norwegian energy giant Equinor.
The consortium also includes the venture capital arm of the world’s leading independent tank storage company Royal Vopak, Dutch impact investor Invest-NL and Somerset Capital Partners, as well as existing shareholders EIT InnoEnergy and Enfuro Ventures.
Founded in 2014 by Wiebrand Kout (CTO), Elestor has developed flow batteries using hydrogen and bromine as active materials, both available in virtually unlimited quantities. In addition, as the battery generates hydrogen during the charging process, the concept introduces several new and unique possibilities for integration with hydrogen infrastructures and electrolysers. As such, the Elestor technology bridges the two worlds of energy storage: with batteries and in the form of hydrogen. The technology makes it possible to store renewable energy produced by wind farms or by solar power plants in a way that is both cost-effective and efficient, as well as robust and scalable.
Kees Koolen, Founder and CEO, Koolen Industries: "Cost-effective storage of clean energy is of paramount importance to the energy transition. I believe the technology Elestor developed is an elegant solution to the challenge of large-scale electricity storage. As an investor, I’m always thrilled when a group company is able to make the jump to the next growth phase. Congratulations to Guido and the Elestor team for securing this investment round and let’s move on to our common goal: Clean Energy for Everyone.”
Elestor, which has been ranked as one of the 10 most innovative companies in The Netherlands, is now ready to implement an ultra-rapid growth strategy that will accelerate the commercialisation of its proven hydrogen bromine flow battery technology, up to a GW scale production facility, which is a truly unprecedented development.
“The investment proves that we have earned the trust and support of this diverse group of highly respected investors. During the investment process, which was managed 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,” said Guido Dalessi, CEO, Elestor.
We are ready to deliver exactly the kind of renewable electricity storage solutions the world is crying out for right now. Guido Dalessi, CEO, Elestor
Read the full press release via the Elestor website: https://www.elestor.nl/equinor-ventures-led-consortium-invests-e30-million-in-electricity-storage-company-elestor/