Battolyser Systems closes €30-million Series A funding round

Battolyser Systems, the Dutch manufacturer of an electrolyser with battery functionality, has raised €30 million in Series A funding from Global Cleantech Capital, Innovation Industries, and Invest-NL. The company will use the funding to scale its operations and bring its next-generation electrolyser to market in 2025.

The Battolyser® technology can switch on and off in response to intermittent renewable energy. With 100% flexibility, it unlocks new business models, reducing the cost of green hydrogen, and alleviates grid congestion. The next-generation Battolyser will be available as a 2.5-MW plug-and-play skid and 5-MW modules, integrated with a balance of plant on site.

Mattijs Slee, CEO of Battolyser Systems, said: “Over the last year we scaled our technology from a successful industrial pilot at RWE’s Magnum power plant in Eemshaven, The Netherlands, to a MW-scale demonstration unit. We are proud to receive the continuous support of our existing investors with deep cleantech expertise whilst adding Invest-NL, the Dutch National Promotional Institution, which plays a crucial role in the Dutch energy transition.”

Global Cleantech Capital and Innovation Industries completed the first close of the Series A round of €15 million in July 2023, further increasing their investment with a second close of an additional €15 million alongside Invest-NL in September 2024.

The Series A funding complements the €40 million financing agreement signed with the European Investment Bank (EIB) in October 2023. Battolyser Systems was the first Dutch climate tech scale-up to receive investment from the EIB. The Series A and EIB funding will significantly contribute to the financing of Battolyser Systems’ large-scale manufacturing facility, which will be located in the Rotterdam port area.

Reda Atibi, Investment Manager at Invest-NL, said: “We believe that Battolyser Systems’ unique alkaline electrolyser with battery functionality has incomparable characteristics that will contribute to the transition from grey to green hydrogen markets. Our investment in Battolyser Systems is a strategic step in our mission to accelerate the energy transition in the Netherlands and support clean technologies that contribute to a future-proof economy. We look forward to working with Battolyser Systems to accelerate their growth and mission.”

Paul Kloppenborg, CEO of Global Cleantech Capital, said: “The Battolyser unlocks the full potential of renewable energy and maximizing hydrogen production asset performance by rapidly adjusting to volatile and increasingly frequent negative power prices. This flexibility is a key solution to decarbonize industry, but also to produce off-grid fuels. We are excited to see their commercial deployment next year and the growth that will follow.”

Nard Sintenie, General Partner, Innovation Industries, said: “The patented nickel-iron Battolyser technology has fundamental advantages. It is inherently robust, 100% flexible, and has industry-leading efficiencies. We believe the company is well positioned to win in most sectors of the large hydrogen addressable market.”

Source: Hydrogentechworld