Energy storage firm CMBlu attracts EUR 100m from Strabag

Austrian construction company Strabag SE (VIE:STR) has made its first investment in an energy storage producer with a EUR 100 million (USD 106.6m) bet on German battery maker CMBlu Energy as part of a preferred partnership agreement.

CMBlu specialises in two technologies -- redox flow batteries and solid state batteries, using recyclable and organic materials. Its Organic SolidFlow batteries use carbon-based molecules and are free from flammable or explosive materials, such as lithium.

Apart from the equity investment, which will help scale up CMBlu’s production capabilities, the agreed partnership will combine CMBlu’s technology with Strabag’s construction expertise to advance the development and delivery of large energy storage projects.

“In order to reach one of the most important goals in our company history -- becoming climate-neutral by 2040 -- we want to become a full-range supplier for energy services for our construction projects,” said Strabag’s CEO Klemens Haselsteiner.

The partnership with the Austrian builder comes after US power utility Salt River Project (SRP) announced last month that it will deploy CMBlu’s long-duration technology in a 5-MW, 10-hour-duration pilot project.

(EUR 1 = USD 1.066)

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