Berlin-based Betteries Closes €2.1m Seed Funding Round to Upcycle EV Batteries

Betteries, a startup based in Berlin which upcycles electric vehicle (EV) batteries into affordable power systems, announced that it has successfully closed its Euro 2.1m seed funding round led by impact funds Factor[e] Ventures and Beyond Black.

Speaking of this investment achieved, CEO and founder of betteries, Dr. Rainer Hönig stated, “This seed round is far from transactional. The partnership and support from our lead investors, Factor[e] Ventures and Beyond Black, is crucial to us because of their in-depth market knowledge, customer access in frontier markets and developed economies as well as impact investment networks.”

“This is really about the collaboration and partnership to get us to scale industrially as fast as possible. We are delighted to jointly move forward with our mission to upcycle batteries in order to avert climate change. Together with such a strong group of investors, we can make it happen,” Dr. Rainer added.

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“We are incredibly excited to be partnering with betteries. Energy storage remains a critical pain point in bringing productive energy access to emerging market customers. Beyond simply extending the life of EV batteries, betteries’ technology and approach are a step change in bringing more affordable, longer-life energy solutions to the millions of homes and businesses in emerging markets still lacking access to reliable power,” commented Jit Bhattacharya, Principal with Factor[e] Ventures.

He concluded, “With this funding round, we are thrilled to be supporting betteries on their path to scale.”

According to the startup, when EV batteries are taken out of EV use, they still have 70 to 80 percent of their original storage capacity. And already today, there are warehouses full of “spent” EV batteries that are still quite useful and could serve as energy storage systems.

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To significantly reduce climate change and bring affordable and clean power to as many customers as possible, rapid action is required. Betteries first two products will already launch in 2021. 48V mobile and modular ‘betterPacks’ can be stacked to provide 3kWh to 12kWh energy and 2-5kW power, making them an eco-friendly source of power for DC appliances or small vehicles (think E-boats and e- rickshaws). Combined with an inverter – the ‘betterGen’ – it becomes the ideal replacement for millions of small-scale gas and diesel generators, the firm further explained.

It announced another product is the larger containerized storage unit – the modular betterStore, which will provide 15kWh – 150kWh energy storage for solar, wind, or hydro-powered “mini-grids” to bring clean power to remote locations all over the world.