Deep tech company ShipTown has received a private investment of 5 million DKK from European Energy and green investor Lars Fejer. The capital injection will be used to lift the company's H-Battery technology from prototype to industrialization. This is stated by Energy Cluster Denmark in a press release.
- For ShipTown, the investment from European Energy is a crucial breakthrough. We are going from being a small, hard-working development team to being able to scale our H-Battery technology towards a commercial market. The investment means that we can build next-generation prototypes, test on a larger scale and get the right skills into the team,” says Marie Vedel, CEO of ShipTown.
ShipTown is developing a hydrogen-based energy storage technology that stores excess green power as hydrogen and delivers the energy back as electricity to the grid or energy-intensive facilities such as data centers and PtX plants. The technology builds on NASA's alkaline fuel cell and combines two functions in one unit – electrolysis, which converts electricity into hydrogen, and a fuel cell, which converts the hydrogen back into electricity. The efficiency is around 90 percent for the electrolysis and 60 percent for the fuel cell – figures that, according to the company, place the solution among the most promising in the field of large-scale energy storage.
The investment enables ShipTown to expand the team, hire specialized employees and develop new prototypes in collaboration with universities and industry partners. At the same time, the investment opens up the possibility of a match loan of DKK 3 million from EIFO.
- The investment means that we can build next-generation prototypes, test on a larger scale and get the right skills into the team, says Marie Vedel, CEO of ShipTown.
The company plans to test the first commercial solutions in collaboration with European Energy and other partners and aims to have a full-scale pilot module of 2 MW ready in 2027. The ambition is to establish a Danish-rooted production company with global reach.
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