EU invests in innovative battery technology

The European Invest Bank, the financial institution of the European Union, is providing a loan of 47 million euros to the Swedish company Nilar International AB. The Union confirmed this in a press release earlier today. The company produces batteries that allow their customers to power their buildings or charge their electrical vehicles with stored renewable energy.

The financing is part of the ‘Energy Demo Project’ of the Horizon 2020 programme which focuses on innovative technologies. This is the kind of technology Nilar uses to make the most out of renewable energy.  With this investment the EU is continuing along the path of sustainable energy. A choice a lot of young people stand behind. As stated by EIB Vice-President Thomas Östros: ‘Nilar’s innovative solution can really make a difference in helping to mainstream the use of renewable energy in our everyday lives.’

The support the EU is giving to Nilar is part of a bigger strategy. Mariya Gabriel, European Commissioner for Innovation, Research, Culture, Education and Youth, explains: ‘Homeowners will be able to store excess renewable energy and use it later, for example to power their electric vehicles. Research and innovation pays off and is definitely a critical element of our decarbonisation strategy.’

Text: Jef Nuytemans, photo: ©Pixabay