Equinor Ventures invests in Elestor BV
Equinor Ventures is pleased to announce an investment in Elestor BV, a Netherlands based company developing the next generation flow batteries for grid scale energy storage. Equinor Ventures led the €30 million Series A financing round.
Elestor has raised €30 million in a Series A financing round. The investor consortium also includes the venture capital arm of the world’s leading independent tank storage company Royal Vopak, Dutch impact investor Invest-NL (as co-lead investor) and Somerset Capital Partners, as well as existing shareholders EIT InnoEnergy and Enfuro Ventures.
The capital raised will accelerate the commercialization of Elestors hydrogen bromine flow battery technology, up to a GW scale production facility. The technology makes it possible to store renewable energy produced by wind farms or by solar power plants in a way that is both cost-effective and efficient, as well as robust and scalable.
“Technologies providing long-term energy storage at scale will play an important role in satisfying the growing need to stabilize power markets. We look forward to working together with Elestor,” said Gareth Burns, head of Equinor Ventures.