terralayr, a Zug, a Switzerland-based developer of renewable battery storage systems, raised €77 million in funding. It is split into €62 million in equity and €15 million in debt funding. The investment came from Creandum, Earlybird (which recently backed Involve and Grand Games, Norrsken VC, Picus Capital, and Rive Private Investment.
The company intends to use the funds to accelerate the deployment of its battery storage asset base.
AWS of grid storage
Founded by Philipp Man and Ludwig Wurlitzer in 2022, terralayr developes and operates battery storage assets with a focus on the German market. It offers “flexibility as a service” through its proprietary cloud-like software platform, targeting various players in the energy sector, such as power producers, traders, grid operators, and large power consumers such as data centres.
The company offers flexibility services with durations from less than 15 minutes up to 15 years, allowing customers to gain all the benefits of grid-scale battery storage without the overhead of a physical asset.
AWS, Amazon’s cloud service aggregates computing resources and sells fractions of them. This way, it transformed enterprise computing, allowing companies to run servers without owning hardware and quickly scale them as needed. The company does what AWS does to enterprise computing to grid-scale energy storage assets. Owners of grid-scale batteries can sell their capacity to traders, who aggregate it to the point where it and put it to use in large electricity markets.
terralayr has already secured development agreements for over 5GW both through an in-house greenfield development team and through partners. It has also signed agreements for over 200 sites in Germany, which is touted to be nearly 3% of Germany’s total generating capacity.
It has its first asset operational and several assets in construction and partners with RIVE to fund the delivery of its further pipeline.
Philipp Man, Founder and CEO of terralayr said, “In a net-zero world, energy storage is the key missing piece to drive the integration of all the renewable generation assets that are hitting the grid. Our positioning as a fully integrated storage aggregator enables us to unlock the fly-wheel from this future multi-trillion dollar asset class – delivering to customers such as data centres and utilities all the benefits of battery storage without the burden of the physical operation of assets.”
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