Geyser Batteries Completes €1 Million Seed Round

Geyser Batteries

writer icon Vera P. Jensen     Geyser Batteries   |   Investment     🕐 13. Dec. 2019

The Finish battery startup, Geyser Batteries, announced their completion of a €1 million investment round.

Changing the World of Batteries as We Know It
Geyser Batteries develops and manufactures a new class of high-power, water-based, non-lithium batteries and are planning to take the world by storm.

“We are thrilled to commercialise this game-changing tech that allows our customers to build high-performance, safe and sustainable electrification solutions for the mobility sector, as well as to design grid-scale energy storage systems with long service life and ultra-low carbon footprint,” Andrey Shigaev, CEO of Geyser Batteries said.

And Shigaev went on to clarify that "It is the full life cycle of an electric solution that counts, not only the operational phase, to make sure that the sum of all changes it brings, creates a positive impact on the planet.”

Geyser Batteries is what is referred to as a cleantech startup. They manufacture a new class of high-power batteries which are capable of over one million fast charging cycles, even at ultra-low ambient temperatures.

This is due to the use of aqueous electrolytes and novel electrochemistry. Geyser Batteries’ products have a nearly-zero carbon footprint, cannot burn and are competitively priced, according to Geyser Batteries themselves.

The Investment
The €1 million investment round was led by Voima Ventures, a major new deep tech Nordic VC fund backed by VTT Research and European Investment Fund and from one of the oldest European private industrial investors - the Finnish Ehrnrooth family office.

“The most sustainable ultra-performance batteries now come from Finland and we are truly excited to welcome Geyser Batteries to our family of game-changing deep tech startups. We are very excited about their globally impacting technology that will enable a clean energy transition and accelerate the shift to a zero-carbon emission economy,” said Inka Mero, Managing Partner at Voima Ventures.

The round also included participation from another deep tech VC, Butterfly Ventures, who have previously invested in the company.

The investment will be used to further expand Geyser Batteries’ product offering, build sales with its B2B customers, and complete development of an automated assembly node as the first step to mass production of its “plug-and-play” battery modules.

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