Tesvolt pockets EUR 40m to back global expansion plans

Image by: Tesvolt (www.tesvolt.com).

November 17 (Renewables Now) - German battery storage systems maker Tesvolt GmbH has raised roughly EUR 40 million (USD 45.3m) in an equity capital funding round aimed at speeding up the global expansion of its business.

The financing was provided by the Liechtenstein Group of companies, which is owned by Liechtenstein's princely family, as well as other investors, including ER Capital Holding and existing shareholder IBG-Fonds. Following the deal, most of the company’s shares continue to be controlled by its two founders and managing directors Daniel Hannemann and Simon Schandert, Tesvolt said on Tuesday.

The funding round was supported by Berenberg and UBS.

Tesvolt is producing lithium storage systems with prismatic battery cells from Samsung SDI. Its products are made at a gigafactory in Germany’s Saxony-Anhalt state, which was opened in April. Around 40% of the company’s revenues come from international markets and in the next year, Tesvolt’s footprint will be expanded into North America, as well.

The German firm noted it has secured orders worth EUR 100 million during the current fiscal year.

(EUR 1.0 = USD 1.132)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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