Tesvolt Receives EU Funding for High-Voltage Storage System

Brussels, Belgium/Wittenberg, Germany, 4 December 2018 – Tesvolt, a manufacturer of storage systems for industry and commerce, is to receive 2.15 million euros in EU funding. The European Union believes that Tesvolt’s high-voltage storage system has the potential to change the power storage market. The German company will now receive support under the EU’s SME instrument, enabling it to mass-produce its lithium high-voltage storage systems and launch them on the market worldwide. A total of 1,658 businesses from across Europe applied for phase II funding under the SME instrument, and 63 were successful.

Halving the costs of commercial storage systems

“We’re looking for the innovators of tomorrow. We believe that Tesvolt’s high-voltage storage system is a disruptive product, as it could slash the costs of electricity storage by more than half,” says Marco Rubinato, EU Programme Officer. These costs could drop from around 18 euro cents per kilowatt hour of electricity stored to just 7 cents in the future, as soon as Tesvolt begins mass production of its high-voltage storage system. The funding will be used to set up semi-automated serial production at the company’s Wittenberg site and to market the innovative storage system worldwide. It will be provided over a period of two years.

First mass production of commercial storage systems in Europe

“The EU has recognized that Germany is an important hub for battery technology. We’re delighted to have been awarded this funding and we want to use it to set up the first mass production facility for commercial storage systems in Europe,” says Daniel Hannemann, who founded the company four years ago together with Simon Schandert.

EU convinced by Tesvolt’s storage technology

“It was our proprietary battery control system which really helped to convince the EU. This is what makes our storage systems especially durable and economical,” explains Simon Schandert. The battery management system ensures that the battery cells are always optimally charged and discharged. The active cell balancing is not just limited to the cells within a battery module, but also optimizes the different battery modules to fit with each other. The temperature, voltage and state of charge of each individual cell or battery module is monitored, significantly boosting the cells’ lifespan. This gives Tesvolt storage systems a service life of up to 30 years, equivalent to around 8,000 complete charge cycles with a depth of discharge (DoD) of 100 percent.

About TESVOLT

Tesvolt specialises in battery storage systems for commerce and industry. The innovative company produces intelligent lithium storage systems with power ratings from 30 kilowatt hours through to many megawatt hours. Tesvolt uses high-performance battery cells from Samsung SDI. Tesvolt manufactures its commercial storage system solutions in series production at Europe’s first gigafactory for commercial battery storage systems at its Wittenberg site in Germany and delivers them worldwide. Tesvolt has already implemented more than 3,000 storage system projects worldwide and employs almost 150 people. The company has already received several awards, including the German Entrepreneur Award in the “Rising Stars” category, the “TOP 100” Innovation Award and the smarter E Award in the “Outstanding Projects” category.

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