The Greece Ministry of Environment and Energy Invests 30 Million Euros In CMBlu Energy AG
Athens, November 5, 2024 – The Greece Ministry of Environment and Energy led by Theodoros Skylakakis has awarded CMBlu Energy AG with a record grant of 30 million euros from the 200 million euro “Produc-e Green” program.This is the largest single grant to come out of the program so far. The “Produc-e Green” program provides companies planning to or already active within these economy sectors the possibility of receiving subventions up to 70%. The funding program is part of the Recovery and Resilience Facility (RRF) and at the heart of NextGeneration EU. Funding is provided for the production of electric cars or their components, the manufacturing of chargers for electric vehicles, batteries or their recycling, the production of light, electric passenger vehicles (such as two-wheelers, tricycles, bicycles), photovoltaic panels, components for wind turbines, heat pumps, and electric water boilers.
This investment is part of the Greek government’s goal to integrate innovative battery energy storage systems (BESS) with renewable energy and reduce reliance on imports for key technologies.
The focus is also on technologies that offer alternatives to traditional lithium-ion batteries. This is a decisive step towards increasing the country's energy security while promoting the development of a local value chain in the field of renewable energy and accelerating the path to climate neutrality.
We are pleased to experience this tailwind for our technology in Greece. Our goal is regional production with a local value chain. In connection with our strong local partners, we will be able to cover the local demand. A giga factory will be built in Greece by 2026.
The factory will benefit from the experience of planning, executing, and commissioning the first fully automated production plant for SolidFlow batteries with robotic partner ABB in 2024. The giga factory in Alzenau, Germany, will serve as a blueprint for the Greek equivalent.
CMBlu Energy AG, a leading company in the field of innovative battery storage technologies, is planning to expand its capacities in Greece and in doing so, build the basis for creating a sustainable energy future. The planned factory will significantly increase capacity while driving innovative energy storage technologies forward. The global demand for batteries is immense and is estimated at 1 to 2 terawatt hours by 2030 and 4 to 8 terawatt hours by 2050 – which corresponds to an average annual growth rate of around 25 %.
About CMBlu Energy AG
CMBlu Energy is creating the first truly sustainable battery energy storage technology that is ready to scale for the global energy transition. Its one-of-a-kind Organic SolidFlow battery is a safe, sustainable, and secure long-duration energy storage system that uses abundant, easily sourced raw materials. The company aims to manufacture domestically at high volume, delivering a critical energy storage solution for customers in the commercial, industrial, and utility-scale spaces. CMBlu employs over 200 employees in Germany and the U.S. For more information, visit www.cmblu.com.