The manufacturer of C&I storage systems has been awarded funding from the EU’s SME funding scheme, to enable to leap to mass production of its systems. The companies production site could see an additional 60 employees, over the next 24 months.
German-based battery manufacturer Tesvolt has received extraordinary funding from the EU Commission’s small and medium-sized enterprise funding instrument. According to the company, the SME instrument awarded Tesvolt funding of €2.15 million to help establish mass production of its lithium-ion batteries.
Reportedly, the funding will be distributed over the next 24 months and help the company to establish mass production. Speaking to pv magazine Daniel Hannemann, who founded the company together with Simon Schandert, disclosed that he hopes that the mass production facility will be finished over the next 12 months.
The semi-automated serial production facility will be installed at the company’s existing production site in Wittenberg, Germany, where additional 60 jobs could be created over the next 24 months. Hannemann further disclosed that Tesvolt will look to distribute its battery systems mainly in Europe.
“The EU has recognized that Germany is an important hub for battery technology. We’re delighted to have been awarded this funding, and we want to use it to set up the first mass production facility for commercial storage systems in Europe,” says Daniel Hannemann.
A total of 1658 businesses across Europe applied for the funding scheme, and just 63 were successful. Tesvolt claims that its technology allows optimizing not only the use of each battery cell within a module, but also to harmonize module and inter-module cell usage. The active cell balancing monitors temperature, voltage, and state of charge of each cell or module, which is said to improve the battery’s lifespan. The company alleges that its batteries have a service life of 30 years, or the equivalent of 8,000 complete charge cycles with a 100% depth of discharge, thanks to its system.
“We’re looking for the innovators of tomorrow. We believe that Tesvolt’s high-voltage storage system is a disruptive product, as it could slash the costs of electricity storage by more than half,” says Marco Rubinato, EU Programme Officer. The cost reductions could see current prices of stored electricity drop from €0.18/kWh to just €0.07/kWh. According to Hannemann, this price reduction is enabled through the leap towards mass production.
With a look at a recent German policy turn to significantly cut the FIT for C&I installations, the company co-founder showed himself rather confident, saying that lower FIT’s would increase the demand for self-consumption and hence C&I storage systems.
Source PV Magazine