Nilar draws down first tranche of a SEK 0.5 billion EIB loan
Nilar International AB, a front-runner in building-integrated battery energy storage systems (BESS), announced today that the company has drawn down the first tranche of a SEK 480 million 5-year loan, approved by the European Investment Bank in October. The proceeds will be used to ramp-up production capacity, accelerate R&D activities and expand European sales. In receiving first tranche moneys today, the company fulfilled all of EIB’s conditions for the first tranche disbursement, including a successful equity capital raise of SEK 178 million in co-financing, as well as various due-diligence preconditions.
Michael Obermayer, Nilar’s chairman notes: “Nilar is currently one of a few European advanced battery producers that is fully integrated, from cell to system, including electronics and sophisticated control software. It does not rely on import of cells from Asia. Nilar’s innovation is unique in the century-old history of battery development. Namely that Nilar’s Hydride® batteries have an exceptionally long service life: at the end of its normal cycle-life the Nilar battery can repeatedly be recharged with Oxygen+ to yield another whole cycle-life. Through extensive due-diligence, EIB has recognised Nilar as an exceptional European innovator, which we are very proud of. We want to thank the EIB’s team, which has worked with us for almost a year, for excellent cooperation.”
Marcus Wigren, CEO of Nilar adds: “Nilar’s European customers value three exceptional features: (i) non-flammability of Nilar’s battery packs, which make them preferred for installation in buildings near people; (ii) unique longevity since cells can be refilled with electrolyte, and (iii) highly environment-friendly in production, with full economic recyclability. This EIB loan is vital in being able to serve many more customers.”
Nilar is now well positioned to capitalize on the explosively growing energy storage market, driven by global trends. The need for battery storage in residences, offices and factories is ever increasing as penetration of intermittent renewable energy sources grows, necessitating electrical energy buffering. Nilar will use the proceeds from the EIB financing to accelerate its ambitious plans to ramp-up production capacity and efficiency. Nilar has raised well over SEK 1bn in equity to date, with several leading Nordic institutional investors on its roster. This EIB loan marks an important step towards the company’s initial public offering, planned for within 12 months.
For more information about Nilar, please contact:
Magnus Nordgren, CFO, Nilar AB
Tel: +46 70 214 17 49
magnus.nordgren@nilar.com
Press officer:
Matilda Ekman Vråmo
Tel: +46 73 656 43 66
matilda.ekman.vramo@nilar.com
Nilar International AB manufactures advanced batteries for energy storage. Our unique combination of Nilar Hydride® technology and modular bi-polar construction provides an environmentally conscious and reliable power source with essential safety benefits. With significant investment in design and innovation, Nilar batteries have evolved into the solution with the lowest cost of ownership offered on the market. This makes them ideal for storing solar and wind power and charging electrical vehicles for use in private households, commercial properties and industrial plants. With production powered by 100% renewable energy at our state-of-the-art manufacturing plant in Gävle, Sweden, Nilar is revolutionizing energy and power supply technology and is taking automated battery production to the next level. Read more at www.nilar.com.
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