Libattion, a Swiss company offering stationary energy storage solutions from upcycled electric vehicle batteries, has secured €14 million in funding.
Libattion aims to provide the battery market with a more sustainable and cost-effective battery technology to reduce the import of critical resources and contribute to the decarbonisation of industries.
It produces innovative energy storage systems called "e-Racks," which can cover a wide range of capacities, from 97 kWh to 60 MWh.
The storage systems provide energy flexibility services for companies, such as frequency control and peak demand reduction, as well as for fast charging of electric vehicles.
This makes the batteries perfectly suited to supporting critical infrastructure, such as hybridising renewable assets to store surplus energy.
Libattion also offers unique algorithms and power control systems that extend the service life of upcycled batteries, achieving technical performance equal to that of new batteries.
"We strongly believe in the transition from electric car batteries to stationary systems as an alternative energy storage system," says the company's CEO and co-founder Stefan Bahamonde.
"We are very pleased to have strong partners on board, who will help us achieve the next milestones. We are determined to revolutionise the way in which the efficient use and reuse of batteries is managed, thus driving the transition to a more sustainable and energy-efficient future."
A&G Energy Transition Tech Fund led the round together with Spanish automotive components manufacturer Teknia, the Portuguese fund HCapital New Ideas II and Swiss energy utility company EBL.
Juan Diego Bernal, managing director of A&G Energy Transition Tech Fund, highlighted that Libattion has all the key ingredients to becoming the European benchmark in its market:
"Its technology is on the right path to solving two major problems of the energy transition: on the one hand, it provides an economical alternative to the growing problem of waste from electric vehicle batteries and, on the other hand, it offers an optimal supply alternative for stationary energy storage."
Lead image: Libattion. Photo: uncredited.