Battolyser Systems has signed a €40m ($42.5m) financing agreement with the European Investment Bank (EIB) to scale up its integrated battery and electrolyser solution.

The technology is designed to produce hydrogen from renewable resources while power prices are low and provide electricity to the grid when prices are high, helping to integrate renewables into the energy system.

Backed by a guarantee from the InvestEU Fund, the EIB’s financing agreement will allow the firm to scale its production facility in Rotterdam to mass produce the technology, after Battolyser announced plans for a 1GW factory last November (2022).