Supported by a guarantee from the InvestEU Fund, the European Investment Bank (EIB) has signed a €40 million financing deal with Dutch hydrogen innovator Battolyser Systems.
According to EIB, the financing will enable Battolyser to scale its production facility in Rotterdam towards mass production of its combined electricity storage and electrolyzer stack system.
Battolyser Systems develops and manufactures Battolysers, an integrated battery electrolyzer system that stores and supplies electricity as a battery and, when charged, splits water into hydrogen and oxygen as an electrolyzer.
The technology is currently operational at a large-scale industrial gas power plant in the Netherlands and its commercial deployment is scheduled for 2024, EIB said, noting that this innovation enables both large industrial players and small and medium businesses to deploy green hydrogen to decarbonize their operations, thereby contributing directly to the objectives of the European Green Deal.
Compared to conventional electrolyzers, the Battolyser has the ability to safely switch on and off instantly, which means that customers can produce affordable green hydrogen when power prices are beneficial or when renewable power is available, EIB remarked.
Furthermore, the Battolyser is said to be fully flexible, but also efficient and sustainable, using only abundantly available and easy-to-recycle (no PFAS) materials. As a result, it can be deployed at the full scale of the energy transition to meet Europe’s net-zero targets, EIB claimed.
Battolyser Systems CEO Mattijs Slee stated: “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.”
EIB Vice-President Kris Peeters noted: “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.”
Paolo Gentiloni, Commissioner for Economy, commented: “A successful green transition requires sustained investment and InvestEU has a key role to play in supporting that. By helping innovative firms gain access to the finance they need, we can ensure that Europe remains at the forefront of developing the advanced technologies we need for a green and sustainable future.”
EIB stated that the InvestEU program that supports this investment aims to mobilize over €372 billion in additional investment for EU policy priorities over the 2021-27 period, adding that the operation also underlines the EIB’s commitment to supporting Europe’s manufacturing capacity in net-zero technologies and solutions. EIB also emphasized that over the last five years, it has financed over €10 billion worth of projects in the Netherlands.
To note, the InvestEU program provides the European Union (EU) with long-term funding by leveraging substantial private and public funds in support of sustainable recovery. Moreover, it helps mobilize private investment for EU policy priorities, such as the European Green Deal and the digital transition.