Geyser Batteries, the Finnish cleantech startup that has developed water-based high-performance batteries, raised a €1 million seed round led by Voima Ventures. The company has used its electrochemical technology to produce sustainable batteries. The news comes as the EU Commission just confirmed the strategic importance of battery research and innovation, approving €3.2 billion in public funding for just that.
Without any elements of Li-ion technology, Geyser has developed a new energy storage mechanism. With energy density close to high-power Li-ion batteries, Geyser Batteries’ products keep working up to 10-100 times longer with high-power functioning steady over time, which makes them ideal for hybrid powertrains and long-term heavy-duty power grid system. The Vaasa-based company currently has B2B customers in transportation, industrial machinery, and power grid sectors.
“We are thrilled to commercialize this game-changing tech that allows our customers to build high-performance, safe and sustainable electrification solutions for the mobility sector, as well as to design grid-scale energy storage systems with long service life and ultra-low carbon footprint. It is the full life cycle of an electric solution that counts, not only the operational phase, to make sure that the sum of all changes it brings, creates a positive impact on the planet.” says Andrey Shigaev, CEO of Geyser Batteries.
Inka Mero, managing partner at Voima Ventures, said: “The most sustainable ultra-performance batteries now come from Finland and we are truly excited to welcome Geyser Batteries to our family of game-changing deep tech startups. We are very excited about their globally impacting technology that will enable a clean energy transition and accelerate the shift to a zero-carbon emission economy.”
The round included support from deep tech VC Butterfly Ventures (existing investors) and the Finnish Ehrnrooth family office. The funding will help expand Geyser’s product offering, including the development of an automated assembly node as the first step to mass production of its “plug-and-play” battery modules.