Invest-NL invests € 15 million in Elestor

Founded in 2014 by Wiebrand Kout (CTO), Elestor has developed a flow battery using hydrogen and bromine as active materials, both available in virtually unlimited quantities. Elestor’s technology makes it cost-effective to store renewable energy longer and at a larger scale than current batteries can. In addition to long duration energy storage, Elestor’s battery generates hydrogen during the charging process. This introduces new and unique possibilities for integrating energy storage with hydrogen infrastructures and electrolysers.

With this investment, the company will scale-up to a Gigafactory production facility and accelerate commercialization of its flow battery. “The investment proves that we have earned the trust and support of this diverse group of highly respected investors. We are ready to deliver exactly the kind of renewable electricity storage solutions the world is crying out for right now.” said Guido Dalessi, CEO, Elestor.

“Invest-NL is excited to be part of a consortium of renowned cleantech investors. The long term and cost-efficient storage of electricity is crucial for the energy transition. Elestor’s hydrogen bromide flow battery holds tremendous potential for scaling up quickly and thus to speed up the Dutch transition towards a carbon-neutral and circular economy. This investment is a perfect example of Invest-NL’s investment strategy: strengthening private investment consortia by providing additional financing that enable companies who are at the center of the energy transition to leap forwards,” said Leo Holwerda, director Capital at Invest-NL.

Invest-NL’s investment in Elestor is backed by the InnovFin SME guarantee from the European Investment Fund (EIF). This guarantee enables Invest-NL to offer attractive financing solutions for innovative European start- and scale-ups.