Battolyser Systems says it has raised $33 million to fund expansion

AMSTERDAM (Reuters) - Battolyser Systems, a Dutch startup that makes combined battery and green hydrogen producing machines, has said it had raised 30 million euros ($33 million) to fund expansion.

Investors included Global Greentech Capital, Innovation Industries and Invest-NL, the Dutch flagship venture capital fund, Battolyser said in a statement.

Battolyser, which sealed a 40 million euro financing package with the European Investment Bank in 2023, did not disclose what the latest fund-raising valued it at.

Its nickel-iron battery systems are charged during the day when there is an abundance of solar and wind energy. They then use electricity to turn water into green hydrogen.

At night, the battery feeds electricity back into factories or the power grid.

CEO Mattijs Slee said that following a 1MW pilot at an RWE power plant in Eemshaven, Netherlands, Battolyser plans to market 2.5MW and 5MW modules.

Battolyser, a spin-off from the Delft University of Technology in the Netherlands, began developing a 14,000 metre factory in Rotterdam in 2022.

($1 = 0.9081 euros)

(Reporting by Toby Sterling; Editing by Alexander Smith)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Tesla renames 'Full Self-Driving' to 'Assisted Driving' in Europe as it chases clearance for software
• Four Ukrainians arrested in Vienna on suspicion of spying
• EU says it agrees with China to halve hybrid vehicle exports to EU