Equinor Ventures-led consortium invests €30 million in electricity storage company Elestor
Arnhem, Aug 30, 2022
Dutch large-scale electricity storage company Elestor has secured a €30 million investment from a consortium led by the corporate venture capital arm of the Norwegian energy giant Equinor.
The 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 investment proves that we have earned the trust and support of this diverse group of highly respected investors. During the investment process, coordinated by Deloitte Corporate Finance as Elestor’s exclusive advisor, the investors have carried out a comprehensive technical and operational due diligence that has validated both our technology and our ability to deliver,” said Guido Dalessi, CEO, Elestor.
Elestor, which has been ranked as one of the 10 most innovative companies in the Netherlands*, is now ready to implement an ultra-rapid growth strategy that will accelerate the commercialisation of its proven hydrogen bromine flow battery technology, up to a GW scale production facility, which is a truly unprecedented development.
“We are ready to deliver exactly the kind of renewable electricity storage solutions the world is crying out for right now: Long Duration Energy Storage, or LDES. Expansion of Elestor’s production capacity and supply chain management is under the control of Hylke van Bennekom (COO, Elestor), who joined the company’s management team in April 2021 through a Management Buy-In (MBI),” said Dalessi.
Breakthrough technology
Founded in 2014 by Elestor’s Chief Technology Officer Wiebrand Kout, Elestor has developed flow batteries using hydrogen and bromine as active materials, both available at virtually unlimited quantities. In addition, as the battery generates hydrogen during the charging process, the concept introduces several new and unique possibilities for integration with hydrogen infrastructures and electrolysers. As such, the Elestor technology bridges the two worlds of energy storage: with batteries – but unlike normal batteries, Elestor’s can be enormous – and in the form of hydrogen. The technology makes it possible to […]
Read further and download the full article here.
Elestor’s CEO Guido Dalessi to depart by year-end
Guido Dalessi, chief executive officer (CEO) of Dutch long-duration electricity storage company Elestor, will step down from his role as CEO at the end of 2024. “I am leaving Elestor in the knowledge that the company I helped create is in safe hands. I will stay on as shareholder but will hand over the reins to my colleague Hylke van Bennekom, then maximise my contribution to the energy transition as a non-executive supervisory board member and active advisor to small and large companies.”
Read more
Between hydrogen pipelines and electrolyzers
"Flow batteries are considered one of the most economical options for long-duration energy storage. In an interview with Guido Dalessi, CEO of Elestor, we will find out how the Dutch company uses innovative technologies to benefit from the synergy of electricity and hydrogen for its flow batteries."
Read more
One year since winning Offshore Wind Innovators Awards
Elestor covered by TKI Offshore Energy: "How's Elestor faring, one year after winning both the Offshore Wind Innovators Jury and Audience Awards? We have a look at the innovators of renewable energy storage and the progress they made. Elestor offers an important element for a successful energy transition."
Read more