Libattion has secured investment of 14 million euros in a financing round, according to a press release. The financing round was led by A&G Energy Transition Tech Fund of the Spanish A&G Bank, in conjunction with the Spanish automotive supplier Teknia, the Portuguese fund HCapital New Ideas II and the Swiss energy supplier Genossenschaft Elektra Baselland (EBL).
Founded in 2018, the company from the canton of Zurich in Switzerland offers stationary energy storage systems made from repurposed electric car batteries. With a modular design, they are intended to provide companies with energy flexibility. In this way, they enable frequency control and the reduction of peak loads as well as the rapid charging of electric vehicles. Algorithms and energy control systems developed by Libattion ensure that the useful life of the remanufactured batteries is extended and high technical performance is achieved.
Juan Diego Bernal, Managing Director of the A&G Energy Transition Tech Fund, is convinced that Libattion meets all of the key conditions “in order to become the European benchmark in the battery market”. The company’s technology solves two problems associated with the energy transition, he says: “First, it offers a cost-effective alternative to the growing problem of waste from electric car batteries, and second, it represents an optimal alternative for stationary energy storage systems”.
Stefan Bahamonde, co-founder and CEO, sees the successful investment round as a clear indicator “of the enormous growth potential of the battery upcycling market. With the help of our new partners, we will significantly increase our global footprint and expand our activities across Europe and around the world”. ce/mm
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