€4 million handed to maritime battery developer

The money will ‘allow EST-Floattech to continue to grow nationally and internationally’, the company said, without giving further details.

Energietransitiefonds Rotterdam (Energy Transition Fund Rotterdam), the investment fund of Rotterdam municipality, will contribute €3 million while the rest will be put up by EST-Floattech’s shareholders Rotterdam Port Fund, PDENH, Ponooc and Yard Energy.

Fund manager InnovationQuarter is also closely involved in the transaction.

Electrification is a buzz word in the sector these days, though battery-powered vessels still have some way to go.

“Currently, only 1% of the global fleet is electrified, and the sector needs to catch up tremendously to achieve net zero by 2050,” a company statement said.

The EU Emissions Trading Scheme for CO² was put in place for larger ships at the beginning of this year, and with smaller vessels also expected to be penalised in this way at some stage, the race is on to cut emissions without sabotaging performance or affordability.

EST-Floattech’s solution is lithium battery packs, which are light in weight and high in energy density.

They have, however, come under fire in recent years, being blamed for a number of electric vehicle fires, including one on the Felicity Ace, which culminated in the loss of many luxury vehicles.

“Fire safety is critical on ships. At EST-Floattech, safety is the highest priority, and the new Octopus Series battery system has been certified by classification bureaus DNV, Lloyd’s Register, and Bureau Veritas,” the firm says.

“For the aluminum housing, insulation material, electronic components, and the racks in which the battery cells are installed, EST-Floattech is working with Dutch partners. The investment will allow EST-Floattech to continue to grow nationally and internationally.

“The company is focusing on market leadership in Northwest Europe and is working with battery manufacturer DuraPower for access to Asia and Oceania.

At the moment, EST-Floattech makes batteries for electric and hybrid propulsion of inland vessels, ferries and yachts, but says it intends to focus on larger vessels in the future.

“The investment of Energietransitiefonds Rotterdam and the current shareholders in EST-Floattech not only brings new capital, which helps us take the next step towards growth, it also shows that the Netherlands believes in the power of innovation and sustainable energy,” said CFO Joep Gorgels.