Battolyser Systems raises EUR 30m in Series A funding round
Sep 12, 2024 11:35 CESTDutch energy storage company GIGA Storage said on Monday that it has signed a time-limited contract with grid operator TenneT to connect its 300-MW GIGA Leopard battery in the Netherlands and allow it to interact with the grid under specific conditions.
The contract will enable the company to connect GIGA Leopard to the Dutch grid in Delfzijl and give it the right to take electricity from the grid or feed it back in at least 85% of the time.
It is a new contract type, developed as part of the National Grid Congestion Action Programme, GIGA Storage said. The arrangement will address grid congestion, while offering customers a discount of up to 65% on transmission tariffs.
The agreement with TenneT will start on October 1, 2025.
The GIGA Leopard battery will have a storage capacity of 1,200 MWh. GIGA Storage is developing the project at the former Aldel aluminium smelter in Delfzijl, which went bankrupt in 2022 due to high energy prices. The facility was a large electricity consumer and had its own direct connection to TenneT’s high-voltage grid, according to GIGA Storage.
‘We are all working very hard to expand the electricity grid faster, but we also need to use the grid smarter and more efficiently,” commented Sophie Hermans, the Dutch minister of climate and green growth.
“This agreement with GIGA Storage is a crucial step in improving the efficiency and reliability of our current electricity grid. With this time-based form of contract, we can make better use of the available capacity and connect more customers who use the grid outside peak hours,” added TenneT CEO Manon van Beek.
Battolyser Systems raises EUR 30m in Series A funding round
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