Germany's Instagrid raises USD 33m to fund intl expansion

German off-grid battery specialist Instagrid GmbH has raised about USD 33 million (EUR 28.84m) in a Series B financing round to fund its international expansion and the development of new business models.

The fundraiser was led by US venture capital investor Energy Impact Partners (EIP) and boosted Instagrid's total funding to more than USD 45 million, the Ludwigsburg-based company said earlier this week.

Existing investors SET Ventures, Segnalita Ventures, blueworld group, High-Tech Gruenderfonds, Wille Finance AG and Pierre-Pascal Urbon, the former CEO of solar electronics specialist SMA, also participated in the financing round.

Instagrid manufactures off-grid battery systems that enable the use of green electricity in any location and serve as an alternative to mobile combustion engines. Its storage solutions are used to provide reliable electricity supply in sectors such as construction and civil protection or at events. The company claims that its technology reduces carbon emissions by up to 85% over the entire life cycle.

The capital from the round will be used to finance the business expansion in Europe and the United States and add more digital services to the company's battery platform to enable the development of smart, customised energy solutions in the future.

(USD 1 = EUR 0.874)

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