Battolyser Systems, the manufacturer of an electrolyzer with battery functionality that enables the lowest cost green H₂, has raised €30 MM in Series A funding from Global Cleantech Capital, Innovation Industries and Invest-NL.

The company will use the funding to scale its operations and bring to market its next-generation electrolyzer in 2025. The Battolyser technology can switch on and off following intermittent renewable energy. With its 100% flexibility, it unlocks new business models, reducing the cost of green H₂ and alleviating grid congestion. The next-generation Battolyser is offered as a 2.5-MW plug-and-play skid and 5-MW modules that are integrated with a Balance of Plant on site.

“Over the last year we scaled our technology from a successful industrial pilot at RWE’s Magnum power plant in Eemshaven, The Netherlands, to a MW-scale demonstration unit. We are proud to receive the continuous support of our existing investors with deep and cleantech expertise whilst adding Invest-NL, the Dutch National.Promotional Institution, which plays a crucial role in the Dutch energy transition,” said Mattijs Slee, CEO of Battolyser Systems.

“Global Cleantech Capital and Innovation Industries completed a first close of the Series A round of €15 MM in July 2023 and further increased their investment in a second close of an additional €15 MM with Invest-NL in September 2024.”

The Series A funding complements the €40-MM financing agreement signed with the European Investment Bank (EIB) in October 2023. Battolyser Systems was the first Dutch climate tech scale-up investment of the EIB. The Series A and EIB funding will significantly contribute to the financing of Battolyser Systems’ large-scale manufacturing facility to meet commercial demand, and will be located in the Rotterdam port area, the H₂ epicentre of Europe.

Reda Atibi, Investment Manager, Invest-NL said, “We believe that Battolyser Systems’ unique alkaline electrolyzer with battery functionality has incomparable characteristics that will contribute to the transition from grey to green H₂ markets. Our investment in Battolyser Systems is a strategic step in our mission to accelerate the energy transition in the Netherlands and support clean technologies that contribute to a future-proof economy. We look forward to working with Battolyser Systems to accelerate their growth and mission.”

Paul Kloppenborg, CEO, Global Cleantech Capital said, “The Battolyser unlocks the full potential of renewable energy and maximizing H₂ production asset performance by rapidly adjusting to volatile and increasingly frequent negative power prices. This flexibility is a key solution to decarbonize industry, but also to produce off-grid fuels. We are excited to see their commercial deployment next year and the growth that will follow.

Nard Sintenie, General Partner, Innovation Industries said, “The patented nickel-iron Battolyser technology has fundamental advantages. It is inherently robust, 100% flexible, and has industry- leading efficiencies. We believe the company is well positioned to win in most sectors of the large H₂ addressable market.”