Vanevo cash raise boost for flow battery stacks line

Vanevo cash raise boost for flow battery stacks line

Vanevo cash raise boost for flow battery stacks line 768 1024 Energy Storage Journal

February 15, 2024: Redox flow battery components firm Vanevo is to use a fresh funding boost to set up a new cell stacks production line in Germany.

Vanevo CFO and MD Uwe Boegershausen told Energy Storage Journal on February 8 the undisclosed capital boost will allow the firm — spun off from the German Aerospace Center in 2018 — to set up the 10MW automated serial production line at a new site in Lower Saxony.

Boegershausen said production capacity will be ramped up to 50MW annually as the firm moves toward full commercialization of its patented stack technology, which it says avoids fluorinated sealings and uses a single adhesive sealing instead.

As only one seal is required instead of 160, the battery cells are cheaper to produce, more energy-efficient and easier to handle, he said.

Vanevo had already raised €4.7 million ($5 million) in equity, as well as grants from the European Innovation Council, before the latest boost.

The firm said it already has supply agreements with a number of unnamed customers and completed its initial deliveries last month.

Renewables investors Smit Asset Management and Bookjans Asset Management took part in the latest capital increase along with Boegershausen, Vanevo founder and CEO Jan grosse Austing and others.

Vanevo says it intends to target the global energy storage market with its standardized stacks and modules for final battery assemblies.

“From our perspective, standardization is the only way to achieve significant cost savings that are crucial for the commercialization of the technology,” Boegershausen said.

A key backer of the company to date is NBank Capital Beteiligungsgesellschaft, a subsidiary of the Investment and Development Bank of the German state of Lower Saxony.

NBank investment manager Marc Löffler said the institution would continue to support Vanevo’s growth after backing the company’s development stage as a seed investor.

“We are impressed by the team’s technical expertise and the technological lead that the company has gained.”