Tesvolt and ITM Power raises funds

Tesvolt GmbH (energy storage technology company) has concluded an around € 40 million equity capital funding round.

The funds were provided by a consortium of investors led by the Liechtenstein Group and supported by Berenberg and UBS. Tesvolt will use the financial resources to accelerate its international activities and focus on innovative products primarily in the field of inductive charging in the emerging e-mobility market.

E.R. Capital Holding and the existing shareholder IBG-Fonds of the state of Saxony-Anhalt also participated in the financing round. Entry into the North American market is planned for the coming year. The agenda also includes other innovative product developments.

Tesvolt recently signed a multi-year agreement for hydrogen projects. It announced that Schaper Group is installing Tesvolt electricity storage systems with a total capacity of up to 40 MWh for the hydrogen pioneer Apex Group. The intelligent battery storage systems supply hydrogen electrolysers with electricity when solar or wind systems do not produce enough energy.

Daniel Hannemann, Commercial Director at Tesvolt, said, “The involvement of prestigious investors, who are also supporting us strategically with their expertise, is further testament to our sustainable business model’s operational strength.”

Johannes Meran, CIO of the Liechtenstein Group, added, “With Tesvolt, we are investing in a company that is a sound, meaningful addition to our existing portfolio of renewable energies.”

In a separate development, ITM Power general meeting has passed several resolutions. It now has the requisite authority to complete the placing and subscription, raising around £250 million in total gross proceeds. Application has been made to the London Stock Exchange for the new ordinary shares to be admitted to trading on AIM (admission) expected to take place today. Following admission, the total number of ordinary shares in issue in the Company will be 613,158,155.