Battolyser Systems closes a €30 million Series A funding round
| Target: | Battolyser Systems | Advisory sell side: | INGEN HOUSZ | Legal Advisory Corporate M&A Beekers Capital | M&A Advisory |
| Buyers: |
Global Cleantech Capital Invest-NL Innovation Industries |
Date announced: | 2024-09-12 |
Battolyser Systems, the Dutch company behind the world’s first electrolyser with integrated battery functionality, has successfully raised €30 million in Series A funding. This investment round was led by Global Cleantech Capital, Innovation Industries, and Invest-NL, the Dutch National Promotional Institution. The funds will help the company scale its operations and accelerate the launch of its next-generation Battolyser® technology in 2025, driving innovation in green hydrogen production and energy storage.
Revolutionary Green Hydrogen Technology
The Battolyser® is a cutting-edge solution designed to address one of the most pressing challenges in the renewable energy sector: the efficient production and storage of green hydrogen. Unlike traditional electrolysers, which are used solely to split water into hydrogen and oxygen, the Battolyser® combines both an electrolyser and battery in a single system. This hybrid functionality allows it to respond dynamically to fluctuations in renewable energy supply, ensuring optimal performance even during periods of low or intermittent power generation.
One of the key features of the Battolyser® is its ability to switch on and off in response to intermittent renewable energy sources, such as wind and solar. This 100% flexibility not only makes it more efficient but also unlocks new business models by reducing green hydrogen production costs and helping to alleviate grid congestion. The next-generation Battolyser, which is set to launch in 2025, will be available as a 2.5MW plug-and-play skid and 5MW modular system, integrated with a Balance of Plant (BoP) at the site, offering scalability and ease of deployment.
Series A Funding to Accelerate Growth
The Series A funding was completed in two phases, with the first €15 million raised in July 2023 by Global Cleantech Capital and Innovation Industries. This was followed by an additional €15 million in September 2024, contributed by Invest-NL, marking a significant milestone for Battolyser Systems. This financial boost will be crucial as the company gears up for the commercial deployment of its technology and plans to expand its manufacturing capabilities.
In addition to the Series A round, Battolyser Systems also secured a €40 million financing agreement with the European Investment Bank (EIB) in October 2023. This marked the EIB's first investment in a Dutch climate tech scale-up, underscoring the potential of Battolyser’s technology to revolutionize the green hydrogen industry. The combined funding from the Series A round and the EIB will support the construction of a large-scale manufacturing facility in Rotterdam, Europe's hydrogen hub, which will meet the growing commercial demand for Battolyser's technology.
Industry Leaders Endorse the Battolyser
The Battolyser has garnered significant attention from investors and energy experts for its potential to play a pivotal role in the transition to a green hydrogen economy.
Mattijs Slee, CEO of Battolyser Systems, expressed pride in the company’s progress, highlighting its successful scaling from an industrial pilot at RWE’s Magnum power plant in Eemshaven, Netherlands, to a MW-scale demonstration unit. He emphasized the continued support from existing investors and welcomed Invest-NL’s participation, noting their crucial role in driving the Dutch energy transition.
Invest-NL’s Investment Manager, Reda Atibi, stated that Battolyser’s unique technology could play a major role in shifting hydrogen production from grey to green markets. He praised the company’s contribution to the Dutch energy transition and expressed excitement about accelerating their growth.
Global Cleantech Capital's CEO, Paul Kloppenborg, highlighted the Battolyser’s ability to maximize hydrogen production by adapting to volatile power prices, a key solution for decarbonizing industries and producing off-grid fuels. Meanwhile, Innovation Industries' General Partner, Nard Sintenie, emphasized the fundamental advantages of Battolyser’s patented nickel-iron technology, calling it robust, flexible, and highly efficient—key factors that will help the company capture a significant share of the hydrogen market.
The Path Forward
With the new funding, Battolyser Systems is poised to scale up and meet the rising global demand for green hydrogen solutions. As countries and industries seek to reduce their carbon footprints, the need for efficient, flexible, and cost-effective hydrogen production technologies becomes more pressing. Battolyser’s unique combination of electrolyser and battery functionality places it at the forefront of this transition, providing a reliable solution for renewable energy integration and green hydrogen production.
The upcoming large-scale manufacturing facility in Rotterdam is expected to play a key role in the company's expansion, further solidifying the Netherlands' position as a leading hub for hydrogen innovation in Europe. As the world moves towards a low-carbon future, Battolyser Systems' technology could be a game-changer in decarbonizing industries and enabling a clean energy economy.