Munich-based VoltStorage has secured a venture debt loan of €30 million ($33 million) from the European Investment Bank (EIB).
The capital will be used to cofinance the development and commercialization of vanadium redox flow battery for commercial and agricultural businesses and scale up Iron Salt Battery (ISB) technology, which has the potential to become a game-changer for the green transition. In contrast to the lithium or cobalt used in car batteries, iron and salt are common raw materials that are easily obtained. Although short charging cycles are crucial for car batteries, long-duration energy-storage systems are specifically developed for longer charging and discharging periods to bridge power-generation gaps and ensure the provision of base load.
VoltStorage aims to make renewable energy available around the clock using these sustainable batteries, bridging the supply gaps for solar and wind farms during periods of low wind and sun. This could eventually ma