Energy storage technology company Tesvolt has concluded a funding round, raising around €40 million (US$45.25 million) in equity capital.
Germany-headquartered Tesvolt assembles energy storage systems (ESS) for a variety of commercial and industrial (C&I) markets, using third party-supplied prismatic nickel manganese cobalt (NMC) lithium-ion battery cells.
It has received orders worth close to €100 million for this year so far, the company claimed, and it opened a factory in Wittenberg, Germany, with 255MWh annual production capacity in April 2020.
