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 said: "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, said: "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.
"This technology has the potential to really change how we manage our energy." added EIB Vice-President Kris Peeters. "Nowadays, solar panels and wind parks are sometimes shut down or throttled to avoid overproduction that cannot be stored anywhere. With the Battolyser, excess energy can be stored or converted into green hydrogen, thus reducing what is called the cost of 'missed energy' in our grid."
Background information
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. Over the last five years, the European Investment Bank has financed over €10 billion worth of projects in the Netherlands.
The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of sustainable recovery. It also helps mobilise private investment for EU policy priorities, such as the European Green Deal and the digital transition. InvestEU brings together under one roof a multitude of EU financial instruments previously available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is deployed through implementing partners that will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increasing their risk-bearing capacity and thus mobilising at least €372 billion in additional investment.
Battolyser Systems is a Dutch climate tech scale-up that develops and manufactures Battolysers®, the world's first integrated battery electrolyser system that stores and supplies electricity as a battery and, when charged, splits water into hydrogen and oxygen as an electrolyser.
The technology was invented by Prof. Dr. Fokko Mulder and his research group at Delft University of Technology. Battolyser Systems was subsequently founded in 2018 as a spin-out from the university and set for growth in 2020 following investment by Koolen Industries. CEO Mattijs Slee was appointed as the first employee in 2021. Innovation Industries and Global Cleantech Capital recently invested in the company, which now has approximately 75 team members, with plans to grow to 100 full-time employees by the end of 2023.
