Equinor Ventures – led consortium invests €30 million in electricity storage company Elestor

Dutch large-scale electricity storage company Elestor has secured a €30 million investment from a consortium led by the corporate venture capital arm of the Norwegian energy giant Equinor. The consortium also includes the venture capital arm of Royal Vopak, Dutch impact investor Invest-NL (as co-lead investor) and Somerset Capital Partners, as well as existing shareholders EIT InnoEnergy and Enfuro Ventures. Elestor is now ready to implement an ultra-rapid growth strategy that will accelerate the commercialisation of its proven hydrogen bromine flow battery technology, up to a gigawatt scale production facility. The Elestor technology bridges the two worlds of energy storage: with batteries and in the form of hydrogen. The technology makes it possible to store renewable energy produced by wind farms or by solar power plants in a way that is both cost-effective and efficient, as well as robust and scalable.