Flow battery company Voltstorage is to receive a €30 million ($33 million) venture debt loan from the European Investment Bank (EIB) to enable it to develop and commercialise its vanadium redox flow battery for commercial and agricultural businesses. It will also scale up its new Iron Salt Battery technology (ISB) with the money.
The EIB loan is backed by the European Union’s InnovFin Energy Demonstration Projects facility, it said.
Voltstorage was founded in 2016 and plans to bring ISB technology to utility scale from 2025.
The German company said its ISB storage system has a modular design, an efficiency of over 70%, over 10,000 charging cycles and an expected service life of more than 20 years.
The Voltstorage VDIUM C50 battery has a storage capacity of 50 kWh and a output of 10 kW. It comes with an integrated battery inverter and energy management system.