Swiss upcycling battery start-up Libattion bags EUR-14m investment

Libattion, a Swiss start-up that makes stationary energy storage solutions from upcycled electric vehicle (EV) batteries, has raised EUR 14 million (USD 15m), securing investor support to go for growth.

The funding round drew four investors from home and abroad -- Spain-based A&G Energy Transition Tech Fund, Spanish automotive components manufacturer Teknia, Portuguese fund HCapital New Ideas II and Swiss energy utility company EBL, Libattion said.

Libattion specialises in repurposing EV batteries to create a new energy storage solution with a long lifespan thanks to its unique algorithms and power control systems. According to Juan Diego Bernal, managing director A&G Energy Transition Tech Fund, Libattion’s technology helps solve two major problems of the energy transition, as it addresses a growing problem of EV battery waste management, while offering an optimal supply alternative for stationary energy storage.

Libattion’s energy storage systems, called e-Racks, come in sizes ranging from 97 kWh to 60 MWh of modular capacity. This modularity allows the batteries to be used in a variety of applications, such as frequency control and peak demand reduction, fast charging of EVs, or in hybridisation with renewables, according to the Swiss start-up.

Libattion CEO and co-founder Stefan Bahamonde said the arrival of new investors will allow his company to increase its global presence and expand operation both in Europe and globally.

“We are very pleased to have strong partners on board, who will help us achieve the next milestones. The successful investment round is a clear indicator of Libattion's strength and resilience, as well as of our enormous potential for future growth,” Bahamonde added.

(EUR 1.0 = USD 1.070)

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