Tesvolt, an energy storage technology business, has completed a financing round, garnering around €40 million (US$45.25 million) in equity capital.
Tesvolt, based in Germany, assembles energy storage systems (ESS) for a variety of commercial and industrial (C&I) industries, utilizing prismatic nickel manganese cobalt (NMC) lithium-ion battery cells provided by third parties.
According to the firm, it has received orders worth about €100 million this year, and it plans to construct a facility in Wittenberg, Germany, with a 255MWh annual manufacturing capacity, in April 2020.
Staff had to operate in isolation from each other at the plant, which Tesvolt stated could be ramped up to 1GWh yearly production capacity in pace with increased demand after opening barely a month into the COVID-19 epidemic.
Its newest product, the TS-1 HV 80 energy storage system, which was released in March, has an integrated 75kW three-phase inverter and is available in 76kWh to multi-megawatt-hour configurations, capable of holding up to 340kW of batteries in a footprint less than half a metre square.
The Liechtenstein Consortium, a group of enterprises controlled by the Liechtenstein royal family, was the lead investor in the latest investment round. Tesvolt was sponsored by banks UBS and Berenberg, as well as private investment and asset management business ER Capital Holdings and Tesvolt’s current stakeholder, IGB Funds, a German state-owned investment fund.
Tesvolt is collaborating in a project to bring Europe’s largest EV charging station online in October 2020, offering 2MWh of battery storage to allow the facility to charge vehicles using a combination of onsite solar and off-peak grid power.
Another anonymous investor in the latest investment round, according to the firm, is a family office with an automotive history. The investor’s engagement provides Tesvolt with a new channel into the automobile market, including inductive EV charging. Tesvolt has invested in Stercom Power Solutions, an inductive charging firm.
The proceeds of the investment round will be utilized to support additional worldwide expansion and to pursue a focus on new goods. Tesvolt recently announced an agreement with energy supply systems business Schaper Group to incorporate battery energy storage systems (BESS) technology into green hydrogen electrolyzer projects. Under the terms of the deal, up to 40MWh of Tesvolt BESS will be paired with an electrolyzer solution developed by Apex Group, a green hydrogen specialist.