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Libattion raises €14m for second life battery packs

Libattion raises €14m for second life battery packs

Business news |
By Nick Flaherty



Swiss startup Libattion has raised €14m to scale up its energy storage systems using battery packs from electric vehicles

Libattion has developed algorithms and power control systems to extend the service life of upcycled, second use battery packs from EVs to achieve a technical performance equal to that of new batteries. The e-Rack energy storage systems cover a wide range of capacities, from 97 kWh to 60 MWh.

The four international investors include Spanish automotive component maker Teknia, and Swis energy services firm EBL, as well as the A&G Energy Transistion Tech fund, which led the round, and Portuguese fund HCapital partners.

The storage systems provide energy flexibility services for companies, such as frequency control and peak demand reduction, as well as for fast charging of electric vehicles and can support critical infrastructure such as to hybridize renewable assets to store surplus energy.

“We strongly believe in the transition from electric car batteries to stationary systems as an alternative energy storage system,” says the company’s CEO and co-founder Stefan Bahamonde.

“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 of 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.”

“This investment is directly linked to Teknia Partners’ intention to invest in sustainable mobility and 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,” said Teknia’s Director of Strategy, Alejandro Deleyto.

Juan Diego Bernal, Managing Director of A&G Energy Transition Tech Fund highlighted that “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: on the one hand, it provides an economic alternative to the growing problem of waste from electric vehicle batteries and, on the other hand, it offers an optimal supply alternative for stationary energy storage.”

Gonçalo Sousa Coutinho, Associate Partner at HCapital Partners, states, “We are very confident in the important role that all investors can play in consolidating the leading position of Libattion’s battery upcycling solution in the energy storage arena and in supporting its business growth, especially through the access to new international markets.”

“Energy storage will be a paramount theme and major area of investment within the energy space. It is thus critical that sustainable solutions like the one provided by Libattion are brought to market in order to maximize material reusage and reduce life-cycle costs”, said Tobias Andrist, CEO EBL.

www.libattion.com

 

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