Tesvolt is to receive 2.15 million euros in EU funding. The European Union believes that Tesvolt's high-voltage storage system has the potential to change the power storage market. The company will now receive support under the EU's SME instrument, enabling it to mass-produce its lithium high-voltage storage systems and launch them on the market worldwide. A total of 1,658 businesses from across Europe applied for phase II funding under the SME instrument, and 63 were successful.
Halving the costs of commercial storage systems
"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. These costs could drop from around 18 euro cents per kilowatt hour of electricity stored to just 7 cents in the future, as soon as Tesvolt begins mass production of its high-voltage storage system. 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.
First mass production of commercial storage systems 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, who founded the company four years ago together with Simon Schandert.
EU convinced by Tesvolt's storage technology
"It was our proprietary battery control system which really helped to convince the EU. This is what makes our storage systems especially durable and economical," explains Simon Schandert. This gives Tesvolt storage systems a service life of up to 30 years, equivalent to around 8,000 complete charge cycles with a depth of discharge (DoD) of 100 percent.