The EU will support Finnish cutting-edge energy storage system developer Teraloop with €2.4 million to spend on the deployment of an industrial pilot for the company’s innovative technology.
The funding will come from a Horizon 2020 Small and Medium-sized Enterprise Instrument program, which received a total of 2,148 applications from across 43 countries.
Now with the help of the EU grant, the pilot flywheel energy storage device will be sooner configured for the power management needs of energy-intensive industrial consumers. This will help Teraloop’s customers to increase the sustainability of their processes, while enabling cost savings through load management, and revenue generation through participation in regulated energy markets.
Teraloop Ltd, based in Helsinki, Finland, develops breakthrough technology for large-scale kinetic energy storage used in grid and utility applications. Founded in 2014, Teraloop is one of 10 Yaskawa venture investment companies. Yaskawa Electric Corporation completed a strategic investment in Teraloop during March 2017, enabling the company to accelerate the steps needed to bring its storage solution to the market.
Image credit: Teraloop Ltd.