German energy storage developer Fenecon GmbH has begun the construction of a factory in Bavaria for the production of energy storage solutions from used vehicle batteries.
The groundbreaking ceremony took place on Friday, the company said.
Located in the municipality of Iggensbach, southern Germany, the factory will start producing industrial storage systems at the end of 2023.
The new complex will include an office building, a production plant and a warehouse.
The CarBatteryReFactory, as the project is known, is funded with EUR 4.5 million (USD 4.66m) by the EU Innovation Fund and EUR 1.7 million by the Bavarian Economic Development Agency. Additional financing came from a crowdfunding campaign that took place in June.
The new factory will help Fenecon scale the production of industrial energy storage systems. The company has been manufacturing storage systems from electric vehicle batteries since 2017 and small-series production is currently taking place at the Kuenzing plant in Bavaria but large-series production will be launched at the site in Iggensbach.
Fenecon specialises in home, commercial and industrial energy storage solutions. It was founded in 2011 by Franz-Josef Feilmeier who is the majority owner of the business with an 81% stake.
(EUR 1 = USD 1.037)
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