With its technology, Stabl Energy divides high-voltage battery packs into many smaller modules and interconnects them dynamically. This is how the startup aims to eliminate risks when used electric vehicle batteries are deployed in battery storage systems. In this way, old batteries get a second life in the spirit of the circular economy. The Munich-based company’s second-life battery storage systems are intended to be used particularly with commercial and industrial customers, in the construction and real estate industry, as well as in the agricultural sector.
With the Northern European Growth Fund from Nordic Alpha Partners and the European Innovation Council (EIC), two new investors are joining Stabl Energy’s existing investors in the now-completed funding round. Existing investors such as UVC Partners and Energie 360 have also participated in the round again.
Svetoslava Georgieva, chair of the board of the EIC Fund, explains:
“The EIC Fund is committed to supporting the green and digital transition. It invests in companies that are able to provide cutting-edge technologies for this transition and are able to scale their business model.”
Stabl Energy plans to expand solution commercially
With the funding round, Stabl Energy has created the foundation to expand its battery storage technology architecture both commercially and further develop it. Growth is now on the startup’s agenda. Arthur Singer, co-CEO and co-founder of Stabl Energy, says:
“We have made remarkable progress in a short period of time and successfully installed our first second-life battery storage systems. The right products, experience, and partners are the key to success. Nordic Alpha Partners has an impressive track record as a VC and a unique approach to helping startups grow. We are excited about this partnership.”
Nam Truong, also co-CEO and co-founder, adds:
“We are delighted to have gained a strong and experienced partner in Nordic Alpha Partners for the coming years who shares our philosophy and vision. The new partnerships are an important milestone for Stabl to advance the energy transition through battery storage.”
Johannes von Borries from existing investor UVC Partners praises Stabl Energy’s approach:
“Stabl solves two important problems for the energy transition: First, the technology makes it possible to build highly efficient and inexpensive storage systems. Second, used batteries from cars are made usable again, extending their useful life by many years in line with circular economy principles. This significantly reduces the carbon footprint of the batteries and conserves resources.”
