AQUABATTERY Secures €6 million in Seed Investment to Drive Innovation in Long Duration Energy Storage (LDES)
Summary
AQUABATTERY, a Dutch climate tech startup developing a saltwater long duration energy storage (LDES) solution, is thrilled to announce the successful closing of a 6 million seed investment round. The round was led by EIT InnoEnergy and supported by InnovationQuarter, Invest-NL, Init Power, and a group of business angels.This is a significant milestone in the companys roadmap to bring low-cost, sustainable LDES to the European market by 2026. Commenting on the use of the funds, Jiajun Cen, CEO and co-founder, said: The capital will catalyze the development of our first standardized battery module and boost the hiring of top-tier talent to the team.AQUABATTERY is developing a novel flow battery that can store clean electricity in table salt and water for 8 hours or longer. The company is preparing to launch its fourth pilot battery in Delft later this autumn.Roel van Diepen, Investment Director EIT InnoEnergy Benelux, commented on the deal: It confirms the key role we expect flow batteries to play in our future energy system as we see the technology maturing into commercially viable solutions.With the European Union aiming to triple its renewable generation capacity by 2030, LDES will be crucial to provide intra-day, multi-day and seasonal flexibility. Nathal van Rijn, director of InnovationQuarter says: We are happy to invest in a sustainable storage system that has low environmental impact and a high potential to boost battery capacity in the world in the coming years.