Rabobank Invests in Dutch-Based Battery Energy Storage Developer GIGA Storage
Through its investment arm, Rabo Investments, the Dutch-based Rabobank announced that it had bought a minority stake in GIGA Storage BV, an Amstelveen-based large-scale battery energy storage developer.
With the money, GIGA Storage will be able to grow its network of large-scale energy storage, which will help make the electricity grid in the Benelux more sustainable.
GIGA Storage, founded in 2018, is an energy company that designs, realises, and delivers large-scale energy storage projects using its IT platform (combination of hardware and software).
The company is attempting to close down coal and gas-fired power units. It accomplishes this by strategically putting GIGA batteries in smart locations to optimise sustainable energy storage and supply energy at the right time.
According to the Dutch company, strategically deploying batteries minimises grid congestion and ensures grid stability. Since its establishment, the Dutch company has commissioned two projects and built a 12,500 MWh project pipeline.
The operational projects in Lelystad have a capacity of 57 MWh, making it the largest player in the Netherlands. In addition, the pipeline includes projects in both the Netherlands and Belgium.
Within this, GIGA Storage has 420M Wh of projects that will be built soon, claims the company.
“With Rabobank, we welcome the first formal investor to our shareholders’ table. Until now, we have financed the company through various informal investors, each of whom has contributed differently to the company's value formation, as well as through various crowdfunding rounds. With the market potential ahead of us, we believe that a financial partner can be decisive for achieving our objectives.” GIGA Storage CEO Ruud Nijs stated.
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Source: Silicon Canals
