Equinor Ventures completes the investment in the Stavanger based technology company, Beyonder, developing the world’s most sustainable high-power battery cells for industrial applications.
The investment in Beyonder can contribute positively to the energy transition by providing energy storage solutions needed for increased electrification and more variable renewables in the energy system.
Beyonder was established in 2016 with the ambition to become the world’s most sustainable battery company producing the next generation of high-power battery cells, super capacitors and lithium capacitors. In four years, the company has developed from a having a strong ambition, to completing a prototype production line based on its proprietary technology. By 2022 Beyonder targets a production capacity of 1500 cells/day.
A key ingredient, Beyonder’s patented super activated carbon, is produced from saw dust – a waste product from the forestry industry. As a result of this, Beyonder’s cells do not contain the rare earth metals cobalt and nickel – widely used in the lithium batteries found in electrical vehicles and consumer electronics.
In contrast to a large number of lithium battery manufacturers Beyonder will not enter the markets for electrical vehicles but target industrial applications with a strong fit with their cell properties, including safety, high power and long cycle life. These markets include renewable electricity, electrical grids, heavy transportation and charging stations for electrical vehicles and maritime vessels.
A strategic rationale for investing in Beyonder is to accelerate the development of a technology that can support Equinor’s ambitions in electrification and renewables – key enablers for the energy transition. Beyonder’s technology has an exciting potential to provide these solutions. It complements the MoU Equinor has entered into with Panasonic and Norsk Hydro by providing exposure to a different segment of the battery cell space.
Equinor Ventures took a minority interest in Beyonder and a board seat during a recently completed equity raise, where DSD, Arendals Fossekompani and Must Invest entered as co-investors.