Backed by a guarantee from the InvestEU Fund, the European Investment Bank has signed a €40 million financing deal with Dutch climate tech scale-up Battolyser Systems.
The financing will enable the company to scale its production facility in Rotterdam towards mass production of its combined electricity storage and electrolyser stack system.
The technology is currently operational at a large-scale industrial gas power plant in the Netherlands and its commercial deployment is scheduled for 2024.
Battolyser Systems CEO, Mattijs Slee, says: ‘To fulfil the Green Deal and deliver on net zero we need scalable hydrogen solutions for the entire range of industry. Sustainable, low-cost, truly green hydrogen, grid-friendly and ’made in Europe’ — Battolyser Systems delivers all of this.’
The Battolyser technology is the only hydrogen solution in the market that can truly match the intermittency of renewable energy sources like wind and solar. This innovation enables both large industrial players and small and medium businesses to deploy green hydrogen to decarbonise their operations, thereby contributing directly to the objectives of the European Green Deal. The InvestEU programme that supports this EIB investment aims to mobilise over €372 billion in additional investment for EU policy priorities over the 2021-27 period. The operation also underlines the EIB’s commitment to support Europe’s state-of-the-art manufacturing capacity in net-zero technologies and solutions.
Paolo Gentiloni, Commissioner for Economy, says: ‘A successful green transition requires sustained investment and InvestEU has a key role to play in supporting that. By helping innovative firms gain access to the finance they need, we can ensure that Europe remains at the forefront of developing the advanced technologies we need for a green and sustainable future.’
Compared to conventional electrolysers, the Battolyser has the unique ability to safely switch on and off instantly. This means that customers can produce affordable green hydrogen when power prices are beneficial or when renewable power is available. A Battolyser is fully flexible, but also state-of-the-art, efficient and sustainable — using only abundantly available and easy to recycle (no PFAS) materials. As a result, Battolyser can be deployed at the full scale of the energy transition to meet Europe’s net-zero targets.