Backed by a guarantee from the InvestEU Fund, the European Investment Bank has signed a €40m financing deal with Dutch climate tech scale-up Battolyser Systems.
The financing will enable the company to scale its production facility in Rotterdam towards mass production of its combined electricity storage and electrolyser stack system.
The technology is currently operational at a large-scale industrial gas power plant in the Netherlands and its commercial deployment is scheduled for 2024.
Battolyser Systems chief executive Mattijs Slee said: “To fulfil the Green Deal and deliver on net zero we need scalable hydrogen solutions for the entire range of industry. Sustainable, low-cost, truly green hydrogen, grid-friendly and ‘made in Europe’ – Battolyser Systems delivers all of this.”
Compared to conventional electrolysers, the Battolyser has the unique ability to safely switch on and off instantly, according to the developers.
This means that customers can produce affordable green hydrogen when power prices are beneficial or when renewable power is available
EIB Vice-President Kris Peeters said: “This technology has the potential to really change how we manage our energy.
“Nowadays, solar panels and wind parks are sometimes shut down or throttled to avoid overproduction that cannot be stored anywhere.
“With the Battolyser, excess energy can be stored or converted into green hydrogen, thus reducing what is called the cost of ‘missed energy’ in our grid.”