Aachen-based Voltfang, which transforms used electric vehicle batteries into sustainable energy storage systems, has raised over €7 million in equity funding and an additional €800,000 in secured grants, totaling €8 million in its Series A round. This funding was led by FORWARD.One, with participation from Interzero, PT1, AENU, and Helen Ventures. The capital will be used to expand Voltfang’s product offerings.
- Founded in 2020 by Roman Alberti, Afshin Doostdar, and David Oudsandji, Voltfang repurposes reconditioned and new batteries, including those from automotive overproduction, to limit the need for non-sustainably sourced rare materials.
- The battery storage systems offer a cost-effective, green solution that helps companies become self-sufficient in their energy needs while reducing their environmental impact.
- The startup has a team of 80 and over 200 partners, including KOCO Energy, Alpena Energy, Power4-tec, and Kempka.
Details of the deal
- The Series A round was led by FORWARD.One, Amstelveen-based VC that invests in European hardware innovations in Semiconductors, Climate Tech, and High Tech, supporting entrepreneurs in solving complex problems with cutting-edge technologies.
“Voltfang’s approach to green and highly efficient energy storage is exactly the kind of technology we want to support. We are impressed by Voltfang’s rapid growth and significant market penetration. We’re excited for this partnership and look forward to contributing to their growth and success,” said Paul Pruijmboom, Partner at FORWARD.one.
- The funding round also saw participation from Cologne-based Interzero. Existing investors in Voltfang, including PT1, AENU, and Helen Ventures, as well as Daphni, Goldbeck, and Maximilian Viessmann, also contributed.
“Closing the financing round within just 3 months in a challenging environment demonstrates the positive market perception we are experiencing. This further motivates us to pursue our ambitious growth targets with renewed momentum as we are planning to deploy an additional 40 MWh battery capacity by 2025, further cementing our role as a key enabler of sustainable energy infrastructure," CFO of Voltfang, Dr. Gerrit Janke, stated.
- Voltfang will use the funds to expand its product offerings and invest in its advanced Energy Management System (EMS) to optimize the performance of its battery storage systems. This will help the company increase market penetration in both commercial/industrial and grid-scale applications, solidifying its position as a leader in green energy infrastructure and the circular economy.
