Ocean Grazer receives funding for its Ocean Battery technology

Ocean Grazer, the developer of the Ocean Battery scalable energy storage technology, announced it has confirmed financial support from several parties this week. The funds will allow the company to accelerate the design process and bring it faster to the market.

Yesterday, the company announced that Rabobank is providing an innovation loan. Joining forces with Rabobank already in an early stage allows Ocean Grazer to leverage on Rabobank’s strong network of relevant partners. Their international service provides the support the company needs to export the technology around the globe, the company said.

Earlier this week, Ocean Grazer announced that ‘Fonds Nieuwe Doen’, a regional fund of Groningen, has decided to provide 40% of the funding needed for the development of the first full scale system. This project will demonstrate the capabilities of our storage technology and allow balancing of the power system by trading on various energy markets as well as supporting congestion management.

Ocean Grazer will use the Ocean Battery in the Hollandse Kust West VII offshore wind farm site. The company had signed a contract with RWE, the winner of the tender for the wind farm site. The Ocean Battery solution will enable large-scale environmentally friendly underwater energy storage in the wind farm, contribute to balancing the grid and and facilitate the production of green hydrogen. Source: Ocean Grazer

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