Libattion, a Swiss company that offers stationary energy storage solutions made from upcycled electric vehicle batteries, has secured €14 million in funding.
Libattion aims to provide the battery market with more sustainable and cost-efficient battery technology to reduce imports of critical resources and contribute to the decarbonisation of the industry.
The company produces innovative energy storage systems called “e-Racks” that are available in a wide range of capacities, from 97kWh to 60MWh.
Energy storage systems provide energy flexibility services for businesses, such as frequency control, peak demand reduction and fast charging for electric vehicles.
This makes batteries ideal for supporting critical infrastructure, such as hybridizing renewable assets to store surplus energy.
Libattion also offers proprietary algorithms and power control systems that extend the service life of upcycled batteries, giving them technical performance on par with new batteries.
“We strongly believe in the transition from electric vehicle batteries to stationary systems as an alternative energy storage system,” said Stefan Bahamonde, CEO and co-founder of the company.
“We are excited to have such a strong partner on board to help us achieve our next milestone. We are determined to revolutionize the way we manage the efficient use and reuse of batteries, driving the transition to a more sustainable, energy-efficient future.”
A&G Energy Transition Tech Fund led the round alongside Spanish auto parts maker Teknia, Portuguese fund HCapital New Ideas II and Swiss energy utility EBL.
Juan Diego Bernal, Managing Director of the A&G Energy Transition Tech Fund, highlighted that Libattion has all the key ingredients to become a European benchmark in the market.
“The company's technology is on the right path to solving two major problems in the energy transition. On the one hand, it offers an economical alternative to the growing problem of electric vehicle battery waste, and on the other hand, it provides an optimal supply alternative for stationary energy storage.”
Main image: Libattion. Photo: Uncredited.
