Investment firm T2Y Capital acquires shares in Romanian energy storage company Prime Batteries.
In a strategic move, T2Y Capital has invested in Prime Batteries Energy Holding, making it the second-largest shareholder of the Romanian company [1][3]. This investment comes as Prime Batteries aims to expand its lithium-ion energy storage production capacity in Europe from 2 GWh to over 8 GWh by 2030 [3].
Based in Bucharest, Prime Batteries specializes in vertically integrated lithium-ion battery solutions for mobility, industrial, and grid applications. The company prides itself on producing the entire storage system in-house, from battery cell production to proprietary battery management software [4].
The partnership between T2Y Capital and Prime Batteries is designed to help the latter broaden its offering, including with Battery-as-a-Service, and rapidly expand its international sales footprint to match growing demand [2]. For T2Y Capital, this investment is part of its mission to build European champions of the energy transition [6].
T2Y Capital, founded by Patrick Bettscheider and Andreas Haindl, invests in the double- to triple-digit million-euro range [1]. The fund not only provides expansion capital but also brings strategic expertise and access to its extensive industry network [7]. Benedikt Friedrich, managing director of Investments at T2Y Capital, considers Prime Batteries a technology leader and a well-established company in the EU with a profitable business model [5].
Adrian Polec, founder and chairman of Prime Batteries, views the partnership with T2Y Capital as a significant milestone for the company, bringing capital, complementary expertise, and access to new markets [4]. The investment is subject to customary regulatory approvals, and T2Y Capital will take a seat on the Board of Directors of Prime Batteries [1].
In addition to its investment in Prime Batteries, T2Y Capital has previously invested in Wetrax Group, a German provider of aerosol-based fire suppression solutions for rapidly growing sectors such as battery storage [1]. This latest investment in Prime Batteries underscores T2Y Capital's commitment to supporting European clean energy technologies and contributing to the continent's energy independence and industrial competitiveness [1][3][4].
Prime Batteries, often described as a European 'hidden champion' in the energy sector [5], is poised to significantly accelerate its international expansion, scaling global sales, and increasing production capacity. This investment marks an exciting step forward in the company's journey towards becoming a leading player in the energy storage sector.
[1] BusinessWire [2] Reuters [3] Energy Storage News [4] Romanian-Insider [5] PV Magazine [6] T2Y Capital press release [7] Clean Energy Wire
T2Y Capital, through its investment in Prime Batteries Energy Holding, aims to support the European clean energy technologies sector, demonstrating a focus on both finance and technology. The partnership between T2Y Capital and Prime Batteries is expected to help Prime Batteries expand its offerings, including Battery-as-a-Service, and increase its international sales footprint, utilizing T2Y Capital's strategic expertise and industry network.
