German battery energy storage manufacturer Tesvolt receives US$45 million in financing

　　Tesvolt, a German-based energy storage technology provider, said a few days ago that it has completed a round of financing and has raised approximately 40 million euros (approximately US$45.25 million) in equity.

　　(Tesvolt provided a 158kWh Tesvolt battery energy storage system for a salmon farm in Norway)

　　Tesvolt uses nickel-manganese-cobalt (NMC) lithium-ion batteries provided by third parties to build and deploy battery energy storage systems (ESS) for various commercial and industrial (C&I) markets. The company claims that it has received orders worth nearly 100 million euros so far this year, and opened a battery energy storage system production plant in Wittenberg, Germany in April 2020, with an annual capacity of 255MWh.

　　Tesvolt said that one month after the outbreak of the new crown, employees of the factory had to work in isolation. As market demand grows, the annual production capacity of the factory will be expanded to 1GWh. Its latest product, the TS-1HV80 battery energy storage system, was launched in March this year. It integrates a 75kW three-phase inverter and provides a variety of options from 76kWh to multiple megawatt hours.

　　The main investor in the new round of financing is the Liechtenstein Group (a group of companies owned by the Liechtenstein royal family). Tesvolt is supported by UBS AG and Berenberg Bank. It also participates in private investment and asset management group ER Capital Holdings, and Tesvolt’s existing shareholder IGB Funds, a company owned by Germany’s Saxony-Anne. An investment fund owned by the Hart region. The proceeds from this round of financing will be used by Tesvolt to promote its further international expansion and focus on innovative technologies and products.

　　Tesvolt recently signed an agreement with the energy supply system provider Schaper Group to integrate battery energy storage systems into the green hydrogen electrolyzer project. Through this agreement, the Tesvolt battery energy storage system up to 40MWh will be combined with the electrolytic cell solution of the green hydrogen expert Apex Group.

　　Lithium-ion battery (LIB) has become the main energy storage solution in modern social life. Among them, lithium iron phosphate batteries are a perfect replacement for lead-acid batteries, and they are the first choice for grid-connected peak shaving, off-grid energy storage, photovoltaic energy storage, UPS, data center and other industries.

　　Solar power generation system with lithium battery energy storage system is a very promising clean energy.