LAB7, the venture-building arm of Saudi Aramco, has participated in the first closing of a new funding round for Halide Energy, a Finnish company developing advanced battery solutions to support the global transition to renewable energy. The investment round was led by BSV Ventures.
As part of the strategic investment, LAB7 will actively support Halide Energy in its product development and commercialization efforts, as well as help scale its operational growth. This move aligns with LAB7’s core vision of identifying and accelerating transformative technologies within the energy sector.
Innovating Grid-Scale Storage
Halide Energy is focused on addressing the grid stability challenges posed by the integration of intermittent renewable energy sources like solar and wind. The company is pioneering an innovative Redox Flow battery technology designed specifically for large-scale energy storage applications.
To meet the growing global demand for long-duration storage solutions, Halide Energy is developing systems that utilize copper-based batteries. This approach leverages the abundance and low cost of copper, combined with aqueous electrolytes, to create a more sustainable and economically viable solution. This technology aims to simplify manufacturing processes, thereby reducing both operational and maintenance costs.
About LAB7
LAB7 is the corporate venture-building arm of Aramco, a global integrated energy and chemicals company. It is mandated to accelerate the development and deployment of transformative technologies that can have a significant impact on the energy sector, supporting Aramco’s long-term strategic objectives.
About Halide Energy
Founded in Finland in 2021, Halide Energy manufactures modular copper-based batteries designed to meet grid and industrial-level storage and flexibility needs. The company’s mission is to accelerate the transition to renewable energy by providing efficient, cost-effective, and sustainable energy storage technologies.
Source: Jawlah
