Norway: ReVolt secures €24M investment

Investment round completed

ReVolt Technology, a producer of rechargeable zinc-air batteries, spun out from the independent Norwegian research institute SINTEF, has secured a total of €24 million following several financing rounds since the company’s inception in 2007. The latest round was led by returning investors, including NorthZone Ventures, SINTEF, Sofinnova Partners, TVM Capital, Verdane Capital and Viking Venture, and RWE Innogy, part of the German utilities giant RWE, which has secured a minority stake in ReVolt Technology and a place on the board by investing €5.5 million.

The funding will allow ReVolt Technology to develop its rechargeable zinc-air batteries cost effectively for larger-scale applications. Unlike conventional lithium-ion batteries, their high energy density allows them to be used for electricity storage, as well as to power electric vehicles.

Fritz Vahrenholt, of RWE Innogy, said: “The promotion of renewable energies and the development of high-capacity storage technologies are inseparably linked. If we succeed in storing electricity from renewable sources during off-peak times to make it available during peak times, we will have made a quantum leap in terms of supply reliability. Zinc-air battery systems can make a vital contribution in this respect.”

The partnership with RWE Innogy will see the appointment of Hugues Delmaire to the ReVolt Technology board. Crispin Leick, of RWE Innogy, said: “We are very excited to support and join the Revolt Technology effort to transform the landscape for renewable energy storage. ReVolt's technology is very compelling for applications small and large, and it has the promise to provide game-changing solutions for energy storage. We look forward to contributing to the development of a great technology and company."

James McDougall, of ReVolt Technology, said: “The ReVolt Technology team is delighted to add RWE Innogy as an investor and strategic partner in its efforts to transform renewable energy storage for consumer and industrial applications. RWE Innogy’s focus on renewable energy combined with RWE's strong industry leadership position in power generation provides real opportunities to develop and deploy our technology solutions in this very important growth sector.”