Used Car Batteries for Energy Storage: Munich Start-up STABL Energy GmbH Receives €15m Financing to Establish its Technology in the Market
Munich, August 9th, 2023 – STABL Energy GmbH, a Green Tech startup from Munich, has successfully closed a financing round of EUR 15 million.
Two new investors believe that the STABL technology has the potential to define the standard of convenient, cost-effective, reliable and resource efficient battery storage enabling faster adoption and transformation towards a fully electrified economy. Thanks to new investments from the Northern European Growth fund Nordic Alpha Partners, the European Innovation Council and existing investors, the young company has the financial platform to expand and scale its net-zero energy storage system internationally.
STABL’s unique technology removes the risk of instability, when adopting used electric vehicle batteries for battery storage systems and thus pursues an innovative approach in terms of the circular economy. With this, purchasing STABL's second-life battery storage is simple and risk-free for commercial and industrial customers, real estate and agricultural sector.
Strong partner from Denmark
Nordic Alpha Partners (NAP) from Denmark - one of Europe's leading Green Tech growth funds - invests exclusively in sustainable Hard Tech companies that have the potential to drive and accelerate the global green transformation. They enable visionary founders to scale from local players to global market leaders with their unique operational value creation model.
Promoting break through innovations
The European Innovation Council (EIC) initially funded STABL with a two million euros innovation grant. Now, the EIC fund has provided additional capital to STABL for market deployment of their breakthrough technology. Svetoslava Georgieva, chair of the EIC Fund Board, said: “The EIC Fund is committed to support the twin green and digital transition. It invests in companies that can deliver the cutting-edge technologies to support this transition and that are in a clear position to scale their technologies and capture markets.”
In addition to Nordic Alpha Partners Fund II and EIC Fund, the existing investors UVC Partners with Unternehmertum VC Fund III and Energie 360 Grad's Smart Energy Innovation Fund are also participating in the investment round of € 15 million, ensuring the growth of the Munich-based company. The fresh funds will be used to expand business activities and further develop the technological infrastructure.
On course for growth with synergies
The cooperation with Nordic Alpha Partners, operational value creation model are expected to further accelerate STABL Energy's growth trajectory. Dr. Arthur Singer, co-CEO and co-founder of STABL Energy, commented on the new partnership as follows: "We have made considerable progress in a short period of time and successfully installed our first generation of our second-life battery storage systems. Besides the unique product, experience and partners are key to success. Nordic Alpha Partners has an impressive track record as a Green Tech investor and have convinced us with their unique approach to creating and de-risking hyper growth while pioneering technology transformation. Working with the Northern European Growth Fund will be a valuable addition to our already experienced team of investors. We are excited about this partnership."
Dr. Nam Truong, also co-CEO and co-founder added: "We are delighted to have secured Nordic Alpha Partners, a strong and experienced partner who shares our philosophy and vision. It is particularly valuable that NAP deeply understands our current and future challenges and is already supporting us with their experience, network, and value-creation approach. The new partnerships are an important milestone for STABL to drive the energy transition through our battery storage."
Rasmus Lund, Senior Partner at Nordic Alpha Partners, added: "For us, STABL Energy is one of the most promising Green Tech companies in the European storage market. We fully share the company's vision and look forward to supporting the four founders and team in their rapid internationalization. The impressive growth and market traction is a strong validation of STABL’s pioneering technology and a sweet spot investment for Nordic Alpha Partners. We look forward to the united journey, on a shared vision to accelerate the path to NetZero, via market driven technology transformation.”
With the successfully financing round, STABL Energy has secured the foundation to both commercially expand and continue to develop further features for its highly innovative battery storage technology.
Quotes from existing investors
Portfolio investor, Johannes von Borries of UVC Partners says: "STABL solves two important problems for the energy transition: First, the unique technology enables to build very efficient and cheap storage systems. Second, used batteries from cars are made usable, extending their useful life by many years in the spirit of the circular economy. This significantly reduces the CO2 footprint of batteries and conserves resources."
Ruth Happersberger, Head of Strategy and Investments at Energie 360° and Founder of the Smart Energy Innovation Fund from Energie 360°, said, "Our early investment in STABL Energy reflects our conviction of STABL's innovative approach to sustainable energy and its storage. This successful funding round underscores STABL's key role in the energy transition. We look forward to continuing this journey with STABL, NAP, EIC, UVC and all investors to build a greener future."
About STABL Energy
STABL Energy GmbH develops energy storage systems from discarded vehicle batteries. The aim is to increase the use of renewable energies with the help of energy storage systems and at the same time to extend the life cycle of car batteries. This reduces dependence on fossil fuels and enables batteries to be used for longer, contributing to the success of the energy transition. To achieve this, the company is setting a new standard in the design, safety, reliability, cost efficiency and handling of battery storage systems with its innovative, integrable technology. The university start-up was founded in Munich in 2019 by Dr. Arthur Singer, Dr. Nam Truong, Martin Sprehe and Christoph Dietrich and now employs almost 30 people.
About Nordic Alpha Partners (NAP)
Nordic Alpha Partners (NAP) is a Nordics and Germany-based growth equity fund established in 2017 with offices in Copenhagen and Munich and € 275m Assets under Management. NAP is specialized and solely invests in sustainable HardTech companies with the potential to pioneer and accelerate the global green transformation. NAP’s investment approach is based on an operationally supporting ownership model, which in combination with a methodic value creation approach, enables visionary founders to scale from local players to global market leaders. Nordic Alpha Partners is the leading investor in among others the global green technology pioneers and market leaders within; Wireless Charging (Wiferion: sold to Tesla), Power2X (GreenHydrogenSystems: IPO’ed on Nasdaq Copenhagen), PV integrated roofs (Sunroof), Industrialization of 3D Print (DyeMansion), Biomass Recirculation (AquaGreen) and EV/eMobility charging infrastructure (Spirii). The STABL investment is done out of Nordic Alpha Partners Fund II. More about NAP: www.napartners.dk
About the European Innovation Council Fund (EIC)
The European Innovation Council (EIC) Fund from the European Commission is an agnostic Fund: it invests across all technologies and verticals, and all EU countries and countries associated to Horizon Europe. It provides the investment component of the EIC Accelerator blended finance.
The EIC Fund aims to fill a critical financing gap and its main purpose is to support companies in the development and commercialisation of disruptive technologies, bridging with and crowding in market players, and further sharing risk by building a large network of capital providers and strategic partners suitable for co-investments and follow-on funding. The Fund pays particular attention to the empowerment and support of female founders as well as the ambition to reduce the innovation divide among EU countries. More about EIC: www.eic.ec.europa.eu
About UVC Partners is a leading Munich- and Berlin-based early-stage venture capital firm that invests in European B2B tech start-ups from pre-seed to series A. With about EUR 400 million assets under management, UVC Partners typically invests between EUR 500,000 and EUR 10 million initially and up to EUR 30 million per company. The portfolio includes category leaders in deep tech, climate tech, hard- and software, and mobility with various technologies and business models. As an independent partner of UnternehmerTUM, Europe's most extensive innovation and startup center, UVC Partners has access to proprietary deal flow, an industrial network of more than 1,000 corporates, and access to talent from the leading European technical university. The investments include Flix, Vimcar, planqc, Tanso, Isar Aerospace, TWAICE, DeepDrive, STABL, and many more. They all benefit from the team's extensive investment and exit experience, their ability to build sustainable category leaders with a competitive advantage, and their passion for growing the game changers of tomorrow. More about UVC Partnes: www.uvcpartners.com
About the Smart Energy Innovation Fund from Energie 360°
The Smart Energy Innovation Fund is the corporate venture capital fund from Energie 360°. It helps start-ups in the areas of cleantech, energy, smart cities and mobility to rapidly become established on the market and to grow sustainably. The commitment of the Smart Energy Innovation Fund is focused not only on investments, but also on company founders. They benefit from the expertise, personal dedication and top-class network of the investment committee. The experts from the Smart Energy Innovation Fund assist the start-ups with all aspects of business and market development.
Energie 360° is a Zurich-based energy and mobility service provider that makes sustainable energy available throughout Switzerland. It is 96% owned by the city of Zurich. Energie 360° contributes day after day to the implementation of the net-zero goal – here and now for future generations. More about Energie360: www.energie360.ch/innovationsfonds
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Press Contact:
UVC Partners: Maria Poursaiadi (maria.poursaiadi@uvcpartners.com)
STABL: Verena Steindl (verena.steindl@stabl.com)
Press Pictures: https://stabl.com/press/
