Libattion receives 14 million euros for its energy storage systems

Opfikon ZH – Libattion has raised fresh capital in the amount of 14 million euros. The company processes used batteries from electric cars and uses them to produce modular stationary energy storage systems. Its algorithms and control systems extend the service life of these batteries.

According to a press release, Libattion has received 14 million euros in a financing round. It was led by the A&G Energy Transition Tech Fund of the Spanish A&G Bank, together with the Spanish automotive supplier Teknia, the Portuguese fund HCapital New Ideas II and the Swiss energy supplier Genossenschaft Elektra Baselland (EBL).

Founded in 2018, the Zurich-based company offers stationary energy storage systems made from recycled electric car batteries. They have a modular structure and are designed to give companies energy flexibility. For example, they enable frequency control and the reduction of peak loads as well as the rapid charging of electric vehicles. Algorithms and energy control systems developed by Libattion ensure that the service life of the reconditioned batteries is extended and high technical performance is achieved.

Juan Diego Bernal, Managing Director of the A&G Energy Transition Tech Fund, is convinced that Libattion has all the important prerequisites "to become the European benchmark in the battery market". His technology solves two problems of the energy transition: "On the one hand, it offers an economical alternative to the growing problem of waste electric vehicle batteries and, on the other, an optimal alternative for stationary energy storage."

CEO and co-founder Stefan Bahamonde sees the successful investment round as a clear indicator "of the enormous growth potential of the battery upcycling market. With the help of the new partners, we will significantly increase our global presence and expand our activities in Europe and worldwide." ce/mm

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