H2BATTERY (IEU GT)

Promoter – Financial Intermediary

BATTOLYSER HOLDING BV

Location

• The Netherlands

Description

The project supports the demonstration efforts of serial production by an innovative start-up bringing a new more performant technology to market. The product is a first-of-its-kind electrolyser stack of cells to be deployed within dedicated installations at customer industrial sites for producing green hydrogen. The promoter's business model consists in developing sales of manufactured stacks and after-sales services. The project will be located in the Rotterdam area (NL).

Additionality and Impact

Market failures /sub-optimal investment situation : 1) imperfect competition in the field of electrolysers served by incumbents and established technologies. 2) the generation of knowledge benefits from RDI activities and the interaction with research institutes, industrial partners, suppliers and customers in development of a new solution for electrolysers. 3) imperfect and asymmetric information, as the promoter is a start-up entering an emerging market. The operation supports the demonstration efforts of an innovative SME start-up and accelerate time to market. With its RDI activities and the interaction with research institutes, industrial partners, suppliers and customers in the field of electrolysers, the project also contributes to Innovation and Skills. The business plan foresees the rapid dissemination of the technology. Finally, the project will lead to significant indirect GHG savings through its contribution to the deployment of least cost solutions for the supply of green hydrogen. The project will contribute to the EU's technology edge, the development of a more competitive market in solutions for the supply of green hydrogen. The project contributes to the deployment of least cost solutions for the supply of green hydrogen, and thereby to the acceleration of the deployment of green hydrogen. The operation falls under the eligible area as per Annex II of the InvestEU Regulation of the operation is Research, development and innovation, in particular through demonstration projects and programmes, as well as deployment of related infrastructures, technologies and processes. The project would not be carried out (to the same extent) by the EIB without the InvestEU support due to high underlying risks of the operation: new counterpart, start-up, significant implementation and technology and commercial risks.

Objectives

The aim is to bring a new technology to market that helps lowering the Levelised Cost of Hydrogen (LCOH). The business plan foresees the rapid dissemination of the technology. Although electrolysers are growingly used for the supply of green hydrogen, they are still facing significant challenges including in operating performance energy efficiency and LCOH production. The project will lead to significant indirect greenhouse gas emissions savings by contributing to deploy the least cost solutions for the supply of green hydrogen. The project is therefore eligible under Article 309 point (c) common interest. Additionally, it contributes to foster innovation and skills, through the planned research, development and innovation activities and the interaction with universities, suppliers and customers in the field of electrolysers.

Sector(s)

• Industry - Manufacturing

Proposed EIB finance (Approximate amount)

EUR 40 million

Total cost (Approximate amount)

EUR 106 million

Environmental aspects

The project complies with relevant EU and national environmental legislation and being small, its overall environmental impact is not significant. The products resulting from the project will help accelerate the deployment of electrolysers and green hydrogen, thereby support the decarbonisation of industry.

Procurement

The promoter has been assessed by the EIB as being a private company not being subject to EU rules on public procurement or concessions.

Status

Signed - 10/10/2023