French battery company VoltR has raised €22 million to industrialize its battery remanufacturing operations and expand across Europe.
The financing comprises €16 million in equity from the SPI 2 fund, managed by Bpifrance on behalf of the French state under the France 2030 program, and Decathlon Pulse, the investment and innovation arm of sporting goods retailer Decathlon. The remaining €6 million comes from grants awarded under the Première Usine program.
VoltR said the funding will allow it to double the footprint of its factory in Verrières-en-Anjou, western France, and increase production capacity sixfold within two years.
The company remanufactures lithium batteries by collecting used batteries, assessing individual cells and using suitable cells to manufacture new battery systems. It said the model is designed to extend the industrial life of cells that have reached the end of their first use.
VoltR said it has put more than 20,000 remanufactured batteries on the market over the past four years. It plans to double its workforce and create about 40 jobs as it scales production.
The company said the investment from the SPI 2 fund and Decathlon Pulse combines industrialization expertise with knowledge of battery applications and markets.
VoltR aims to establish battery remanufacturing as part of Europe’s battery value chain, reducing demand for new raw materials while extending the useful life of existing cells.
The company lists possible applications and products, including options for energy storage systems.
From pv magazine France
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