A new battery startup based out of Martigny, Switzerland — the Alevo Group — has, reportedly, raised over $1 billion in funding from anonymous Swiss investors, and is now aiming to “revolutionize” the US energy storage industry/market.
The company has created a new battery that lasts notably longer than the current industry standard, according to the company, as well as being considerably cheaper to manufacture.
The company’s plan is to sell the batteries as grid-scale energy storage devices. The battery has been in development for about a decade, in secret, according to those involved.
“We’ve been very stealth,” stated Jostein Eikeland, a Norwegian entrepreneur backing the company. “We didn’t know if we were going to succeed.”