Aquabattery, a pioneering Dutch energy storage start-up, announced a significant milestone today with the successful closure of a EUR 6 million (USD 6.39 million) seed investment round. The funding infusion is earmarked to bolster Aquabattery's ambitious plans to introduce a saltwater long-duration energy storage (LDES) solution to the European market by 2026.
In a statement, CEO and co-founder Jiajun Cen articulated the significance of the capital raise, stating, “The capital will catalyze the development of our first standardized battery module and boost the hiring of top-tier talent to the team.”
Aquabattery's innovative LDES technology is founded on reversible water dissociation, enabling its novel acid-based flow battery to store clean electricity using commonplace ingredients like table salt and water for durations exceeding eight hours.
Established in 2014, Aquabattery is poised to unveil its fourth pilot battery installation in the western Dutch city of Delft later this autumn. Notably, the company has forged strategic partnerships with prominent entities such as Norwegian state-owned utility Statkraft AS, underscoring the industry's recognition of Aquabattery's pioneering solutions.
The successful fundraising round was spearheaded by EIT InnoEnergy and garnered support from key stakeholders including InnovationQuarter, Invest-NL, Init Power, and a consortium of seasoned business angels. This collaborative effort underscores the industry's confidence in Aquabattery's disruptive technology and its potential to revolutionize the energy storage landscape.
