Renewable

June 13 (Renewables Now) - German energy storage developer Fenecon GmbH is seeking to raise EUR 3 million (USD 3.17m) in a crowdfunding campaign to finance the construction of a factory in Bavaria for the production of energy storage solutions from used vehicle batteries.

By Monday, almost EUR 850,000 of the total amount has been secured on the GLS Crowd platform. The campaign is open to investments starting from EUR 250 and offers an interest rate of 5.4%.

Fenecon needs the fresh capital to build a production site in the municipality of Iggensbach, southern Germany, where about 150 jobs will be created. Known as CarBatteryReFactory, the project involves the use of batteries from electric vehicles (EV) for the production of Fenecon's industrial storage solutions. It has received EUR 4.5 million in funding from the EU Innovation Fund.

Automotive companies such as BMW AG (ETR:BMW), Volkswagen AG (ETR:VOW), Audi, Renault and MAN SE are already cooperating with Fenecon to prolong the use of EV batteries.

Founded in 2011 by Franz-Josef Feilmeier, Fenecon offers home, commercial and industrial energy storage solutions. Feilmeier is the majority owner of the business with an 81% stake. The rest is held by solar park investor Stefan Schiermeier, impact investor BonVentures and Oeko-Sozialfonds.

(EUR 1 = USD 1.058)

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