Libattion Secures €14m for Second Life Battery Packs

Swiss startup Libattion has recently secured €14 million in funding to expand its energy storage systems utilizing battery packs sourced from electric vehicles. The company has made significant strides in developing algorithms and power control systems that enable the upcycled, second-use battery packs to perform on par with new batteries. Libattion's e-Rack energy storage systems offer a diverse range of capacities, spanning from 97 kWh to 60 MWh.

The funding round saw participation from four prominent international investors, including Spanish automotive component manufacturer Teknia, Swiss energy services provider EBL, the A&G Energy Transition Tech fund, which spearheaded the investment, and Portuguese fund HCapital Partners. These investors are aligned in their support for Libattion's innovative approach to energy storage.

Libattion's energy storage solutions cater to various industries by offering energy flexibility services like frequency control, peak demand reduction, and rapid electric vehicle charging. Moreover, the systems can be utilized to bolster critical infrastructure, enabling the hybridization of renewable assets to store excess energy efficiently.

"We firmly believe in the shift from electric vehicle batteries to stationary systems as a sustainable energy storage solution," stated Stefan Bahamonde, CEO, and co-founder of Libattion. "The successful funding round underscores our company's resilience and potential for growth. With the backing of our new partners, we aim to expand our global footprint and revolutionize battery management practices for a more sustainable future."

Alejandro Deleyto, Director of Strategy at Teknia, emphasized the strategic alignment of the investment with the company's focus on sustainable mobility. Juan Diego Bernal, Managing Director of A&G Energy Transition Tech Fund, praised Libattion's technology for addressing key challenges in the energy transition, offering both an economic solution to electric vehicle battery waste and a reliable option for stationary energy storage.

Gonçalo Sousa Coutinho, Associate Partner at HCapital Partners, expressed confidence in the pivotal role that investors can play in advancing Libattion's battery upcycling solution within the energy storage sector. Tobias Andrist, CEO of EBL, highlighted the significance of sustainable energy storage solutions like Libattion's in driving material reusage and reducing life-cycle costs in the energy industry.

For more information about Libattion and its innovative energy storage solutions, visit www.libattion.com.