VoltStorage, a Munich-based company, has received a €30 million venture debt loan from the European Investment Bank (EIB) to develop and commercialize innovative energy storage solutions, including a new Iron-Salt-Battery-technology (ISB) and a Vanadium redox flow battery. The loan is guaranteed by the European Commission’s research and innovation programme and aims to help reduce dependency on weather conditions for renewable energy. The ISB technology, specifically developed for longer charging and discharging periods, has the potential to bridge power generation gaps of up to 100 hours and provide base load capability. VoltStorage plans to bring the ISB technology to utility scale from 2025 onwards and contribute to the transition towards a more sustainable and resilient energy future.
Resource: https://esgnews.com/eib-supports-voltstorage-technology-to-store-wind-and-solar-energy/