The European Investment Bank (EIB) has signed a €47 million ($55.4 million) loan with Swedish battery innovator Nilar.
The financing is supported by the InnovFin Energy Demonstration Projects of the European Commission, funded by the Horizon 2020 budget.
Nilar will use the loan to expand and upgrade its battery manufacturing capacity in Gävle.
The loan will also boost its research and development in order to demonstrate the commercial viability of its technology. The solution provider is aiming to achieve further cost reduction of its technology through scale.
Nilar’s hydride battery energy storage systems are non-flammable, making them inherently safe. They can thus be installed in-house and in offices, next to critical installations.
The manufacturing process is much less energy-intensive than today’s Lithium-Ion technologies.
The batteries are nickel-based and do not contain scarce materials. They also have the added advantage of being easily and fully recyclable.
EIB vice-president Thomas Östros, said: “After the Bank’s recent support to Northvolt, we’re glad to be able to get behind another Swedish project to further heighten the awareness around new European battery technology. Nilar’s innovative solution can really make a difference in helping to mainstream the use of renewable energy in our everyday lives. As the EU’s climate bank, we’re happy to support that.”
European commissioner for innovation, research, culture, education and youth, Mariya Gabriel, adds: “This InnovFin and Horizon 2020 supported project brings us one step closer to a sustainable energy system. Technologies that were just theory a few years ago are becoming our daily routine. Homeowners will be able to store excess renewable energy and use it later, for example, to power their electric vehicles. Research and innovation pay off and is definitely a critical element of our decarbonisation strategy.”
Michael Obermayer, chairman of the board of Nilar, said: “Nilar is fully integrated, from cell to system, including electronics and sophisticated control software, and does not rely on import of cells from Asia. Close cooperation with highly skilled European academic researchers forms the basis for further rapid innovation. I would like to express my sincere thanks to the EIB and the European Commission for this unprecedented and critical support to Nilar as a high-growth European battery innovator start-up.”