Nickel Metal Hydride Battery Storage Company Receives € 47 Million Investment from European Investment Bank
EIB Vice-President Thomas Östros, Chairman of the Board of Directors of Nilar Michael Obermayer and Deputy Head of European Commission Representation Annika Wäppling Korzinek at the signing ceremony in Stockholm. Picture: Nilar.
Nilar, a Swedish producer of chemical nickel metal hydride batteries to compete with lithium-ion and lead-acid, will receive € 47 million ($ 55.45 million) in funding from the European Bank of investment (BEI).
The EIB provides a loan to Nilar International with the support of the European Commission’s InnovFin Energy Demonstration Projects program, funded by the European Union’s Horizon 2020 budget for innovative technology companies.
Nilar claims that its batteries, which feature a bipolar design, are safe and recyclable and suffer less loss of capacity over time and use than other devices. It is also claimed that their production is less energy intensive than lithium-ion. The company integrates batteries into systems for residential, commercial and industrial markets and at the grid or infrastructure scale, focusing on applications such as the integration and storage of renewable energy production, emergency power supply and charging of electric vehicles (EV).
The battery modules are made up of 10 battery cells, including positive and negative electrodes and a separator. What makes the devices “bipolar” in their design is that these cells are stacked on top of each other horizontally with a double metal plate between them. According to the company, the benefits of this design include the generation of uniform heat from uniform current and resistance paths, which means cells can age evenly and have longer lifetimes.
The company has been developing its products since 2001, implementing its first scalable and automated production line in 2014. Since then, it has started to market nickel metal hydride batteries around the world, with R&D and sales centers in the world. Colorado, United States, as well as R&D and production centers in Gävle, Sweden and its headquarters in Stockholm. Nilar claimed that its fully automated production facilities in Sweden are powered 100% by renewable energy.
Nilar said the loan and support at the European Commission level will help the company “quickly bring its battery production to market and achieve further cost reduction through scale-up,” planning to expand and to modernize its facilities in Gävle with the loan from the EIB.
“This project supported by InnovFin and Horizon 2020 brings us closer to a sustainable energy system,” said Mariya Gabriel, European Commissioner for Innovation, Research, Culture, Education and Youth.
“Technologies that were just theory a few years ago are becoming our daily routine. Homeowners will be able to store the excess renewable energy and use it later, for example to power their electric vehicles. Research and innovation are paying off and undoubtedly constitute an essential element of our decarbonisation strategy.
At a signing ceremony held in early October at the Maison de l’Europe in Stockholm, EIB Vice-President Thomas Östros said the bank was “happy to be able to support another Swedish project. aimed at raising awareness of new European battery technology. », Following EIB loans to help fund Northvolt’s lithium-ion gigafactory plans.
“Nilar’s innovative solution can really make a difference in helping to integrate the use of renewable energy into our daily lives. As the EU’s climate bank, we are happy to support this, ”said Östros.