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Libattion Secures €14M Investment to Support Upcycled EV Battery Technology

Screenshot 2024-07-08 at 10.55.58 PM

Libattion Secures €14M Investment to Support Upcycled EV Battery Technology

Climate Insider Brief:

  • Libattion, a Zurich-based company specializing in upcycled EV battery technology for stationary energy storage, secured €14 million in funding led by A&G Energy Transition Tech Fund, with contributions from Teknia, HCapital New Ideas II, and EBL.
  • Libattion’s proprietary algorithms and advanced power control systems extend the life of repurposed batteries, creating efficient and adaptable energy storage systems known as “e-Racks.”
  • The investment highlights the growing demand for sustainable battery storage solutions in Europe.

As reported by Sustainable Times, Libattion, a company based in Zurich at the forefront of the stationary energy storage sector, has recently secured €14 million in funding to advance its innovative solutions derived from upcycled electric vehicle (EV) batteries. The funding round was led by A&G Energy Transition Tech Fund, with contributions from Spanish automotive component giant Teknia, Portuguese fund HCapital New Ideas II, and Swiss energy utility EBL.

This significant investment highlights the growing demand for eco-friendly battery storage solutions across Europe. Libattion is poised to transform the market with sustainable and cost-effective battery technologies that reduce reliance on imported critical resources, supporting the decarbonization of various industries.

Libattion is known for its proprietary algorithms and advanced power control systems that extend the service life of repurposed batteries, ensuring performance comparable to new units. The company’s state-of-the-art energy storage systems, known as “e-Racks,” offer a range of capacities from 97 kWh to 60 MWh. These modular solutions provide essential energy flexibility services, including frequency regulation, peak demand management, and rapid EV charging capabilities. They are designed to support critical infrastructure and enhance renewable energy systems by storing excess power, contributing to a more resilient and sustainable energy landscape.

Stefan Bahamonde, Libattion’s CEO and co-founder, commented: “We strongly believe in the transition from electric car batteries to stationary systems as an alternative energy storage system. We are very pleased to have strong partners on board who will help us achieve the next milestones. The successful investment round is a clear indicator of Libattion’s strength and resilience, as well as our enormous potential for future growth. The arrival of new partners will allow us to significantly increase our global presence, expanding our operations both in Europe and globally. We are determined to revolutionize the way in which the efficient use and reuse of batteries is managed, thus driving the transition to a more sustainable and energy-efficient future.”

Juan Diego Bernal, Managing Director of A&G Energy Transition Tech Fund, added: “Libattion has all the key ingredients to become the European benchmark in its market. Its technology is on the right path to solving two major problems of the energy transition: providing an economic alternative to the growing problem of waste from electric vehicle batteries and offering an optimal supply alternative for stationary energy storage.”

Alejandro Deleyto, Director of Strategy at Teknia, stated: “This investment fits perfectly with Teknia’s strategic plan, which is firmly committed to sustainability as a key pillar in our business as a manufacturer of mobility components.”

Libattion’s advancements in upcycled EV battery technology demonstrate significant potential in addressing the challenges of energy storage and sustainability. This investment will further enhance its capabilities and expand its impact in the global energy sector.

Source: Sustainable Times

Featured Image: Credit: Libattion