Nickel metal hydride battery storage company receives €47m investment from European Investment Bank

October 13, 2020
LinkedIn
Twitter
Reddit
Facebook
Email
EIB VP Thomas Östros, Nilar chairman of the board Michael Obermayer and European Commission deputy head of representation Annika Wäppling Korzinek at the signing event in Stockholm. Image: Nilar.

Nilar, a Sweden-headquartered producer of nickel metal hydride chemistry batteries aimed to compete with lithium-ion and lead acid, will receive €47 million (US$55.45 million) in funding from the European Investment Bank (EIB).

The EIB is making the loan to Nilar International with support from the European Commission’s InnovFin Energy Demonstration Projects programme, which is funded by the European Union’s Horizon 2020 budget for innovative technology companies.

Nilar claims its batteries, which feature a bipolar design, are safe and recyclable and suffer less capacity fade over time and usage than other devices. It is also claimed that their production is less energy intensive than lithium-ion. The company integrates the batteries into systems aimed at residential, commercial & industrial and grid-scale or infrastructure markets, focusing on applications including integration and storage of renewable generation, backup power and electric vehicle (EV) charging.

Battery modules are made up of 10 battery cells, including positive and negative electrodes and separator. What makes the devices ‘bi-polar’ in design is that those cells are stacked one on top of the other horizontally with a metal bi-plate between them. According to the company, the advantages of this design include uniform heat generation from uniform current and resistance paths, meaning cells can age uniformly and have longer expected lifetimes.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

The company has been developing its products since 2001, implementing its first scalable and automated production line in 2014. It has since begun marketing the nickel metal hydride batteries globally, with R&D and sales centres in Colorado, US in addition to R&D and production centres in Gävle, Sweden and its HQ in Stockholm. Nilar claimed its fully-automated production facilities in Sweden are 100% renewable-powered.

Nilar said the loan and support at European Commission level will help the company to “rapidly commercialise its battery production and achieve further cost reduction through scale,” planning to expand and upgrade its facilities in Gävle with the EIB loan.

“This InnovFin and Horizon 2020 supported project brings us one step closer to a sustainable energy system,” European Commissioner for Innovation, Research, Culture, Education and Youth, Mariya Gabriel said.

“Technologies that were just theory a few years ago are becoming our daily routine. 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.”

At a signing event held at the beginning of October at the House of Europe in Stockholm, EIB vice-president Thomas Östros noted that the bank was “glad to be able to get behind another Swedish project to further heighten the awareness around new European battery technology,” following EIB loans to help fund Northvolt’s lithium-ion gigafactory plans.

“Nilar’s innovative solution can really make a difference in helping to mainstream the use of renewable energy in our everyday lives. As the EU’s climate bank, we’re happy to support that,” Östros said.

15 September 2026
San Diego, USA
You can expect to meet and network with all the key industry players again in 2025 from major US asset owners, operators, RTOs and ISOs, optimizers, software and analytics providers, technical consultancies, O&M technology providers and more.

Read Next

March 13, 2026
New York, US is leading the country in battery energy storage system (BESS) moratoriums, with 97 moratoriums in place, according to renewables service provider Carina Energy.
March 13, 2026
Iron flow battery company ESS Tech Inc highlighted its recent partnership with Google and the acquisition of VoltStorage GmbH, as profitability remained out of reach in 2025.
March 13, 2026
Australia’s MGA Thermal has secured AU$17 million (US$12 million) in new investment for its long-duration thermal energy storage technology as it enters the commercial scale-up phase.
March 12, 2026
In this US news roundup, we have financing updates for GridStor, Arevon, and Primergy, related to energy storage projects in Texas, California, and Nevada, respectively.
March 11, 2026
Energy storage developer-operator Aypa Power, and Six Nations of the Grand River Development Corporation (SNGRDC) have closed CA$700 million (US$512 million) for two battery energy storage system (BESS) projects in Ontario, Canada.