VoltStorage: €6M in Funding for further expansion
Lead investor Korys, Bayern Kapital, EIT InnoEnergy amongst all existing investors invest in Munich based greentech company.
Munich, July 22nd, 2020 – VoltStorage GmbH, founded in 2016 by Jakob Bitner, Michael Peither and Felix Kiefl, develops and produces solar energy storage systems for private homes. VoltStorage is the world’s only home energy storage provider in the market relying on Vanadium Redox Flow (VRF) battery technology. The VoltStorage energy storage systems are free of rare raw materials, completely recyclable, 100 percent non-flammable and can be charged and discharged as often as required without losing capacity. Thus VoltStorage creates a highly demanded ecological alternative to the lithium technology. The latest product of the Munich-based company is the VoltStorage SMART home battery. In 2018, the energy storage solution was awarded as one of the most innovative developments at the ees Europe, Europe’s largest trade show for energy storage. The further development, production and quality assurance of the VoltStorage SMART are carried out in Munich – and thus “Made in Germany”.
“We are glad to complete a future-oriented financing in the current market environment. With the support of the new investors, we can pursue our long-term growth strategy with greater impact. We are convinced that energy storage systems are essential for the energy transition to 100 percent renewable energies. The strong demand for our eco-friendly home batteries encourages us to realize an absolutely necessary technological market expansion with Redox Flow based product innovations – and to become the leading supplier of lithium-free energy storage systems within the next two years,” explains VoltStorage CEO Jakob Bitner. The investment capital will be used to expand the series production of VoltStorage home batteries, to develop larger Redox Flow energy storage systems for commercial, agricultural and residential areas, and to continuously develop the Redox Flow battery technology. By the end of 2021, VoltStorage plans to double its team and triple the production space at its Munich headquarter.
In the past three years, VoltStorage has already received a seven-digit funding from SOSV, Energie 360° and Business Angels around Matthias Willenbacher, who again participated in this investment round. In addition, VoltStorage can now also rely on the expertise of the new investors in the technology and energy sector: The investment company Korys is owned by the Belgian family Colruyt and invests substantially in energy transition projects. Loïc de Schaetzen, Investment Director at Korys, supports the company vision as lead investor and part of the VoltStorage Board: “We sought to invest in the battery technology for some time to complement our investment portfolio in the energy transition field. With VoltStorage we finally found the fit we were looking for. We are equally im-pressed by the broad competence and motivation of the three founders, who have managed to build up an international team of experts in the areas of battery technology, IT, electronics and product development and brought the VoltStorage SMART home battery to market maturity in a very short time.”
EIT InnoEnergy, which has invested in more than 330 greentech companies since 2010 as an innovation driver for sustainable ener-gy, is also participating in VoltStorage’s growth plan. “With its Redox Flow storage solution, VoltStorage is bringing the technology that has been long established in industrial applications to the consumer home energy storage market – a highly innovative and worldwide unique approach. We see great prospects for the eco-friendly Redox Flow technology in the end-user market and are confident that VoltStorage can achieve a significant market share in this area,” explains Christian Müller, CEO of EIT InnoEnergy. The venture capital company Bayern Kapital also supports the further development of VoltStorage with its “Wachstumsfonds Bayern”. “With its innovative energy storage solution based on Vanadium Redox Flow technology, VoltStorage operates in one of the core fields of the energy transition. After all, safe, durable and eco-friendly energy storage is essential for the transition to renewable energies. We see high potential for VoltStorage in a rapidly growing market,” says Roman Huber, Managing Director of Bayern Kapital.
VoltStorage GmbH develops and produces solar energy storage systems based on the eco-friendly Redox Flow technology to store surplus solar energy by day and use it during periods of low sunshine. With its sustainable energy storage solutions, VoltStorage follows the vision of making 100 percent renewable energy available around the clock – and thus making the world cleaner and fairer for future generations. In 2020, VoltStorage was awarded TOP-3 Start-up in the “Renewable Energies & Materials” category of the international Start-up Energy Transition Awards (SET).
The energy storage systems of the company, which was founded in 2016, are developed and manufactured in Germany and therefore offer high product quality “Made in Germany”. Thanks to resource-saving Redox Flow battery technology, the production of VoltStorage energy storage systems produces up to 37 percent less CO2 than comparable lithium-based systems. This makes the battery systems of the Munich-based company one of the most climate-friendly energy storage solutions available on the market. The VoltStorage batteries are available in Germany, Austria and Switzerland from certified sales partners.
Korys is the investment company of the Colruyt family. Across its activities, Korys’ investment decisions are taken with a long-term perspective and on basis of strict economic (Profit), social (People) and ecological (Planet) criteria. Korys aims to create sustain-able value in three major ecosystems: Life Sciences, Energy Transition and Conscious Consumer. To do this, Korys can count on a motivated team of 30 skilled professionals based in Belgium and Luxembourg. Further information at: www.korys.be/en.
About EIT InnoEnergy:
EIT InnoEnergy is the innovation engine for sustainable energy across Europe. We support and invest in innovation at every stage of the journey – from classroom to end-customer. With our network of partners, we build connections across Europe, bringing together inventors and industry, graduates and employers, researchers and entrepreneurs, businesses and markets. InnoEnergy was established in 2010 and is supported by the European Institute of Innovation and Technology (EIT). Further information at: www.innoenergy.com
About Bayern Kapital:
Bayern Kapital as a venture capital company of the Free State of Bavaria, currently manages 13 investment funds with an invest-ment volume of around EUR 500 million. To date, Bayern Kapital has invested around EUR 320 million in more than 275 innovative, technology-oriented companies from a wide range of sectors, including life sciences, software & IT, materials & new materials, nanotechnology and environmental technology. In this way, over 7,500 jobs have been created in Bavaria in sustainable companies. Further information is available at: www.bayernkapital.de
SOSV — The Accelerator VC — is a $700M venture fund operating global accelerator programs: HAX (Shenzhen/San Francisco) for hardware, IndieBio (San Francisco/NYC) for life sciences, Chinaccelerator (Shanghai) and MOX (Taipei) for cross-border internet, Food-X (NYC) for the business of food, and dlab (NYC) for blockchain. SOSV invests in over 150 companies per year and over its two-decade history has a track record that puts it in the top 10% of VC funds in the world. Further information at: www.sosv.com
About Energie 360°:
Energie 360° makes sustainable energy available throughout Switzerland. Its 280 employees are committed to working with custo-mers, partners and communities to promote renewable energy and eco-mobility. The City of Zurich holds a 96% share in Energie 360°, which supplies the metropolis – and 42 other communities – with increasing amounts of renewable gas. The company plans, builds and operates energy solutions. It invests in electric charging stations and, as a leading supplier of biogas and wood pellets, provides customers with climate-friendly energy. Through its Smart Energy Innovation Fund Energie 360° supports startups with focus in cleantech, energy, smart cities and mobility. That is how Energie 360° contributes day in and day out to achieving the 2,000-watt society – here and now for coming generations. Further information is available at: www.energie360.ch
About Matthias Willenbacher:
Matthias Willenbacher is an entrepreneur, investor and visionary in the field of renewable energies and sustainability. Through his crowdfunding platform WIWIN and his VC fund WI Venture he accelerates and supports innovative, sustainable mobility, food and renewable energy startups. With his foundation he advocates for a thorough energy transition.