Dutch banking company Rabobank, through its investment arm Rabo Investments has acquired a minority stake in the Amstelveen-based large-scale battery energy storage developer GIGA Storage BV.
By expanding its network of large-scale energy storage, GIGA Storage will be able to support a sustainable electrical system in the Benelux.
GIGA Storage is an energy firm that was founded in 2018. It develops, realizes, and deploys large-scale energy storage projects (a combination of hardware and software) through its IT platform.
The business is attempting to close down coal- and gas-fired power stations. To manage sustainable energy storage optimally and be able to supply energy at the appropriate moment, the company accomplishes this by positioning GIGA batteries in strategically advantageous locations.
According to the Dutch business, strategically deploying batteries ensures grid stability and reduces congestion. The Dutch company has established a 12,500 MWh project pipeline and two completed projects since its founding.
The 57 MWh capacity of Lelystad’s active projects makes it the most significant player in the Netherlands. In addition, there are projects in Belgium and the Netherlands in the pipeline.
According to the corporation, GIGA Storage has 420M Wh of projects within this that will be completed soon.
“With Rabobank, we officially welcome a new shareholder to the shareholders’ table. To date, we have funded the business through a combination of crowdfunding rounds as well as several informal investors who have all contributed in different ways to the creation of the company’s value. We think a financial party can be essential to attaining our goals given the market potential that lies ahead. says GIGA Storage CEO Ruud Nijs.
More than €1.8 billion has been invested by Rabo Investments in the food and agriculture, sustainability, and healthcare sectors. These investments range from growth capital for cutting-edge startups and scale-ups to investments in well-established businesses and funds.
Image Credit: RaboBank