Eco-friendly solar power storage: VoltStorage receives over €6M in funding for further expansion
Lead investor Korys, Bayern Kapital, EIT InnoEnergy amongst all existing investors invest in Munich based greentechcompany.<br />
Munich, July 22nd, 2020. VoltStorage GmbH develops and produces solar energy storage systems based on the eco-friendly and resource-saving Vanadium Redox Flow (VRF) technology and offers an ecological alternative to conventional lithium-based power storage systems. The Munich-based company is receiving 6 million euros of funding. In addition to the existing investors SOSV, Energie360° and business angels around Matthias Willenbacher, the consortium consists of three new partners: lead investor Korys from Belgium, Bayern Kapital and EIT InnoEnergy. The investment capital will be used for the expansion of series production, the development of new energy storage solutions and for the further technological development.
VoltStorage GmbH, founded in 2016 by Jakob Bitner, Michael Peither and Felix Kiefl, develops and produces solar energy storage systems for private homes. VoltStorage is the world's most advanced home energy storage provider in the market relying on Vanadium Redox Flow (VRF) battery technology. The VoltStorage energy storage systems are free of rare raw materials, completely recyclable, 100 percent non-flammable and can be charged and discharged as often as required without losing capacity. Thus, VoltStorage creates a highly demanded ecological alternative to the lithium technology. The latest product of the Munich-based company is the VoltStorage SMART home battery. In 2018, the energy storage solution was awarded as one of the most innovative developments at the ees Europe, Europe's largest trade show for energy storage. The further development, production and quality assurance of the VoltStorage SMART is carried out in Munich - and thus "Made in Germany".
“We are glad to complete a future-oriented financing in the current market environment. With the support of the new investors, we can pursue our long-term growth strategy with greater impact. We are convinced that energy storage systems are essential for the energy transition to 100 percent renewable energies. The strong demand for our eco-friendly home batteries encourages us to realize an absolutely necessary technological market expansion with Redox Flow based product innovations - and to become the leading supplier of lithium-free energy storage systems within the next two years," explains VoltStorage CEO Jakob Bitner. The investment capital will be used to expand the series production of VoltStorage home batteries, to develop larger Redox Flow energy storage systems for commercial, agricultural and residential areas, and to continuously develop the Redox Flow battery technology. By the end of 2021, VoltStorage plans to double its team and triple the production space at its Munich headquarter.
In the past three years, VoltStorage has already received a seven-digit funding from SOSV, Energie360°and Business Angels around Matthias Willenbacher, who again participated in this investment round. In addition, VoltStorage can now also rely on the expertise of the new investors in the technology and energy sector: the investment company Korys is owned by the Belgian family Colruyt and invests substantially in energy transition projects. Loïc de Schaetzen, Investment Director at Korys, supports the company vision as lead investor and part of the VoltStorage Board: " We are strong believers in the Redox flow technology and see a perfect fit of the product, the technology and the investment strategy of Korys. We are impressed by the broad competence and motivation of the three founders. The management built up an international team of experts in the areas of battery technology, IT, electronics and product development and brought the VoltStorage SMART home battery to market maturity in a very short time.”
Christian Müller, CEO of EIT InnoEnergy further explains that “With its Redox Flow storage solution, VoltStorage brings this technology to the consumer home storage market that has been long established in industrial applications – a highly innovative and unique approach.” The venture capital company Bayern Kapital adds "With its innovative energy storage solution, VoltStorage operates in one of the core fields of the energy transition. After all, safe, durable and eco-friendly energy storage is essential for the transition to renewable energies. “
VoltStorage GmbH develops and produces solar energy storage systems based on the eco-friendly Redox Flow technology to store surplus solar energy by day and use it during periods of low sunshine. With its sustainable energy storage solutions, VoltStorage follows the vision of making 100 percent renewable energy available around the clock – and thus making the world cleaner and fairer for future generations. In 2020, VoltStorage was awarded TOP-3 Start-up in the “Renewable Energies & Materials” category of the international Start-up Energy Transition Awards (SET).
The energy storage systems of the company, which was founded in 2016, are developed and manufactured in Germany and therefore offer high product quality “Made in Germany”. Thanks to resource-saving Redox Flow battery technology, the production of VoltStorage energy storage systems produces up to 37 percent less CO2 than comparable lithium-based systems. This makes the battery systems of the Munich-based company one of the most climate-friendly energy storage solutions available on the market. The VoltStorage batteries are available in Germany, Austria and Switzerland from certified sales partners. Further information is available at: www.voltstorage.com/en
Korys is the investment company of the Colruyt family. Across its activities, Korys’ investment decisions are taken with a long-term perspective and on basis of strict economic (Profit), social (People) and ecological (Planet) criteria. Korys aims to create sustainable value in three major ecosystems: Life Sciences, Energy Transition and Conscious Consumer. To do this, Korys can count on a motivated team of 30 skilled professionals based in Belgium and Luxembourg. Further information at: www.korys.be/en