Swiss battery startup Libattion has secured €14 million in funding from international investors. Spain-based A&G Energy Transition Tech Fund led the round alongside Spanish automotive components manufacturer Teknia, the Portuguese fund HCapital New Ideas II, and Swiss energy utility company EBL.
The Swiss startup will use the investment to build Europe’s largest battery upcycling production factory outside of Zurich.
Investors’ views
Juan Diego Bernal, Managing Director of A&G Energy Transition Tech Fund said: “Libattion has all the key ingredients to become the European benchmark in its market. Its technology is on the right path to solving two major problems of the energy transition: on the one hand, it provides an economic alternative to the growing problem of waste from electric vehicle batteries and, on the other hand, it offers an optimal supply alternative for stationary energy storage.”
For his part, Teknia’s Director of Strategy, Alejandro Deleyto, said: “This investment is directly linked to Teknia Partners’ intention to invest in sustainable mobility and fits perfectly with Teknia’s strategic plan, which is firmly committed to sustainability as a key pillar in our business as a manufacturer of mobility components.”
Gonçalo Sousa Coutinho, Associate Partner at HCapital Partners, stated: “We are very confident in the important role that all investors can play in consolidating the leading position of Libattion’s battery upcycling solution in the energy storage arena and in supporting its business growth, especially through the access to new international markets.”
“Energy storage will be a paramount theme and major area of investment within the energy space. It is thus critical that sustainable solutions like the one provided by Libattion are brought to market to maximise material reusage and reduce life-cycle costs”, commented Tobias Andrist, CEO EBL.
Gives second life to EV batteries
Libattion was founded in 2018 by Stefan and Nicolas Bahamonde to design a sustainable value chain for batteries to accelerate the transition to environmentally friendly electromobility. The focus is on upcycling batteries. It uses high-performance batteries from reputable manufacturers. Before the batteries become valuable business assets again through upcycling, Libattion carefully checks the used batteries for their technical condition using various criteria. They then assemble intelligent battery packs with the help of an automated welding robot.
It produces innovative energy storage systems called e-Racks, which can cover a wide range of capacities, from 97 kWh to 60 MWh. The storage systems provide energy flexibility services for companies, such as frequency control and peak demand reduction, as well as for fast charging of electric vehicles.
“We strongly believe in the transition from electric car batteries to stationary systems as an alternative energy storage system,” said the Libattion’s CEO and co-founder Stefan Bahamonde. “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. The arrival of new partners will allow us to significantly increase our global presence, expanding our operations both in Europe and globally. We are determined to revolutionise how the efficient use and reuse of batteries is managed, thus driving the transition to a more sustainable and energy-efficient future.”
What do we think about Libattion?
This promising startup addresses critical issues in the energy transition by upcycling electric vehicle batteries for energy storage. With €14 million in funding, it aims to build Europe’s largest battery upcycling factory near Zurich. This sustainable solution not only mitigates EV battery waste but also enhances energy storage, offering economic and environmental benefits. Investors’ confidence and strategic support highlight the company’s potential to become a European leader in this field, driving the shift towards a more sustainable future.
