Libattion, a Zurich-based innovator in the energy storage industry, has successfully raised €14 million to further its mission of providing sustainable energy solutions. This funding round was spearheaded by the A&G Energy Transition Tech Fund and included contributions from Spanish automotive components manufacturer Teknia, Portuguese fund HCapital New Ideas II, and Swiss energy utility company EBL. This substantial investment underscores the growing demand for eco-friendly battery storage systems across Europe. Libattion’s mission is to offer the market a sustainable and cost-effective battery technology that reduces the reliance on critical imported resources, thereby aiding the decarbonization of various industries.
Libattion stands out in the energy storage sector with its cutting-edge technology that utilizes upcycled electric vehicle batteries. The company’s proprietary algorithms and power control systems extend the service life of these batteries, ensuring they perform as well as new ones. This innovative approach not only supports environmental sustainability but also provides economic benefits. Libattion’s flagship product, the “e-Rack,” offers a range of energy storage capacities from 97 kWh to 60 MWh. These modular systems are versatile and can be adapted for various applications, including frequency control, peak demand reduction, and fast EV charging. They are also ideal for critical infrastructure support and hybrid renewable energy systems to store surplus energy.
Stefan Bahamonde, CEO and co-founder of Libattion, expressed his excitement about the recent investment round. He stated, “We strongly believe in the transition from electric car batteries to stationary systems as a viable alternative for energy storage. With strong partners on board, we are poised to achieve our next milestones. This successful investment round is a testament to Libattion’s strength, resilience, and enormous growth potential. The new partnerships will enable us to significantly expand our global footprint, enhancing our operations both in Europe and worldwide. We are committed to revolutionizing the efficient use and reuse of batteries, driving the transition to a more sustainable and energy-efficient future.”
Libattion’s vision has garnered support from key industry players. Juan Diego Bernal, Managing Director of A&G Energy Transition Tech Fund, commented, “Libattion has all the key ingredients to become the European benchmark in its market. Its technology is on track to address two major challenges of the energy transition: offering an economic solution to the growing problem of electric vehicle battery waste and providing an optimal alternative for stationary energy storage.” Alejandro Deleyto, Director of Strategy at Teknia, also emphasized the strategic alignment of this investment with Teknia’s sustainability goals. He said, “This investment fits perfectly with Teknia’s strategic plan, which is firmly committed to sustainability as a key pillar in our business as a manufacturer of mobility components.”
Libattion’s innovative use of upcycled EV batteries not only addresses the pressing issue of battery waste but also provides a sustainable and cost-effective energy storage solution. As the company continues to expand its operations and technological capabilities, it is well-positioned to lead the charge in the energy transition movement. The recent €14 million funding round marks a significant milestone for Libattion, showcasing investor confidence in its mission and technology. With strong industry partnerships and a clear vision for the future, Libattion is set to make a substantial impact on the global energy landscape, promoting a greener and more sustainable future for all.
