Nilar International, a Swedish battery manufacturing startup, has reportedly received a loan of over €47 million from the EIB (European Investment Bank), a publicly owned international financial institution, to help with the R&D (research and development) of the company’s innovative battery technology.
The new loan will help with the upgrading and expansion of the company’s manufacturing lines at its Gavle facility over the coming years. Additionally, the loan will also accelerate the company’s R&D (research and development) to showcase its technology’s commercial viability.
Nilar International manufactures batteries that can be used by industrial customers and homeowners to charge their EVs (electric vehicles) or power their buildings with preserved renewable energy that is harvested using power systems such as rooftop solar.
The process of manufacturing for the company’s Hydride Battery Energy Storage systems is touted to be much less energy-intensive than existing lithium-ion technologies. Moreover, these systems can be fully and easily recycled.
Michael Obermayer, Chairman of the Board, Nilar International, stated that the company is fully integrated, from the power cell to the system, including sophisticated control software as well as electronics. Additionally, the firm does not depend on importing cells from Asian companies. Working closely with skilled academic researchers in Europe is the basis for the firm’s future rapid innovation.
Obermayer further expressed gratitude to the European Commission and EIB for the crucial and unparallel support to the company.
The €47 million investment is supported by InnovFin Energy Demonstration Projects of the European Commission and funded through the Horizon 2020 budget. The granted loan is expected to effectively help the firm to commercialize the battery production process and further attain reduction in cost through scale.
Mariya Gabriel, European Commissioner for Innovation, Research, Culture, Education, and Youth, stated that the new project, supported by Horizon 2020 and InnovFin, brings Europe one step closer to having a sustainable energy system.