For STRABAG, this is the first investment into an energy storage producer. The company opens up an opportunity for growth for CMBlu Energy and hence supports the goal to implement this crucial technology for the energy transition globally and at a large scale.
By signing the Preferred Partnership Agreement, STRABAG confirms their strategic interest with an equity investment of €100 million. The funding will flow into necessary investments which will help scale up the production as well as further developing the market.
"We are very pleased about STRABAG's investment in our company. The good and very open negotiations have shown that STRABAG and CMBlu Energy are highly complementary. As developers and producers, we can now invest into the construction and expansion of our production facilities.
"We will especially profit from the broad experience and execution power STRABAG has in large infrastructure projects," explains Dr. Peter Geigle, CEO and founder of CMBlu Energy.
Currently, CMBlu Energy, together with cooperation partners, is working on multiple pilot projects in Europe and the US to validate the large energy storage solutions; including in the Austrian state of Burgenland, in the US in Wisconsin and Arizona, and with the Uniper power plant Staudinger near Hanau, Germany.
STRABAG extends its portfolio of progressive companies and start-ups which are working towards a climate-neutral future.
"The game changer for the energy transition are storage systems that make renewable energies available when needed. We are excited about this European innovative power," emphasizes Klemens Haselsteiner, CEO at STRABAG.
"With our investment in CMBlu Energy, we are breaking new ground in the construction industry. In order to reach one of the most important goals in our company history - becoming climate-neutral by 2040 - we want to become a full-range supplier for energy services for our construction projects. Together, we will deliver large energy storage projects in a standardized construction design - "warehouses for electricity" - even faster, more efficient and easier," explains Haselsteiner.
CMBlu Energy is the first company to develop an Organic SolidFlow battery that combines the advantages of two technologies - redox flow batteries and solid state batteries: power and capacity are independently scalable and energy density is high.
The technology is based on abundantly available, recyclable, and organic materials, resulting in almost infinitely scalable energy storage systems that can be cost-effectively adapted to the respective application. CMBlu Energy uses neither conflict nor scarce materials in their large energy storage systems. Unlike lithium-ion batteries, the SolidFlow storage systems are cost-effective, environmentally friendly, and secure.
"The successful energy transition requires storage capacity in a terawatt hour range. Only with very large storage capacities the share of wind and solar energy in the electricity mix can be increased and the CO2 emission decreased. The SolidFlow batteries can be scaled up to the gigawatt hour range and enable to cap peak loads and smooth the volatility of renewable energies so that they become base-load capable and help the energy transition to succeed - even if the wind doesn't blow or the sun doesn't shine.
"An energy system built upon large energy storage systems offers more independence of fossil energy and limits the necessity of buying energy from abroad. On top of that, it provides more possibilities for large energy producers, e.g., municipal utilities, power plant operators or industry and commerce as well as charging infrastructure operators, to use or trade the electricity more flexibly," says Geigle.
PHOTO: CEO and founder of CMBlu Energy, Dr. Peter Geigle, and CEO of STRABAG SE, Klemens Haselsteiner, at the signing of the strategic partnership between the two companies Copyright: Sascha Rheker