Battery venture Basquevolt launches in Spain with prominent backers

Basquevolt, a Basque initiative with the ambition to become a European leader in solid-state batteries, was launched on Friday with its backers including the Basque government, through venture capital fund Ezten, and Spanish utility Iberdrola SA (BME:IBE).

The new venture’s founding shareholders also include CIE Automotive SA (BME:CIE), Enagas SA (BME:ENG), EIT InnoEnergy and research centre CIC energiGUNE. Iberdrola’s investment is through its international start-up programme PERSEO.

Basquevolt is being set up after two years of work and will initially be based at the Alava Technology Park near CIC energiGUNE and will use a composite electrolyte patented by the Basque centre. The company will seek to develop prototype cells and a pilot production line in 2025, with the aim of startting production in 2027 and reaching 10 GWh capacity. According to the announcement, the project will be supported by an investment of more than EUR 700 million (USD 732m).

The solid-state battery technology is said to be becoming the strategic focus of the automotive industry due to advantages over liquid batteries such as better efficiency and longer life. In addition to electric transport, the new company will also target stationary energy storage, including hybridisation with hydrogen-gas systems, and advanced portable devices.

(EUR 1 = USD 1.046)

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