Tesvolt receives €2.1 million EU funding for high-voltage storage system
Post date: 04/12/2018 - 20:48
German storage system manufacturer Tesvolt GmbH will receive €2.15 million ($2.43 million) under the European Union’s SME instrument, enabling it to mass-produce its lithium high-voltage storage systems and launch them on the market worldwide. »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. These costs could drop from around €0.18 per kilowatt hour of electricity stored to just €0.07 in the future.
The funding will be used to set up semi-automated serial production at the company’s Wittenberg site and to market the innovative storage system worldwide. It will be provided over a period of two years. A total of 1,658 businesses from across Europe applied for phase II funding under the SME instrument, and 63 were successful.