The Norwegian second life battery specialist Eco Stor has announced a successful Series A funding round giving the company access to NOK 72M ($8.3M). According to the company the investment will enable an expansion in Europe.
Ecostor battery control systems for use in energy storage systems based on used batteries. The company is also implementing the projects which primarily have been based on Nissan Leaf batteries. In July the company announced an order of a10MW/12MWH system which will be installed in the German town of Eisenach to provide a stacked revenue solution for FCR, asset backed trading on the Intraday (IDC) market place and peak shaving at DSO grid level. The company also recently announced an MoU with Nissan and Norsk Gjenvinning to develop battery recovery, analysis and recycling activities to ensure all aspects of the rapidly growing second life battery market can be managed in the most cost effective and environmentally friendly way.
The investment round was led by existing majority shareholder, Agder Energy, who is now joined by Klaveness Marine Holdings and Peter Murphy and Zach Mecelis, co-founders of Covalis Capital.
In the press release the company indiciates that systems might not only be based on second life batteries but also first life batteries, something many second life specialists are doing as supply many times still is limited.