The Netherlands Enterprise Agency RVO has awarded a R&D grant to Elestor under its MIT feasibility programme.
The GROVE project (Dutch: Goedkope, Robuuste Opslag Van Elektriciteit) will investigate the technical and economic opportunities for large scale implementation of Megawatt-scale Elestor flow batteries in smart grids. A second research topic is the possible integration with thermal storage.
The project will be completed before May 2015.
Elestor BV (Ltd.) is now formally registered at the chamber of commerce in Arnhem, The Netherlands.
KIC InnoEnergy Benelux played an important role in the creation of the company, and supported Elestor in many ways. A thorough analysis of the business model, which included asking the advice of the extensive pan-European partner network, resulted in a clear strategy and market entry channels. This process was guided by an experienced business coach, Jan Caris, who has extensive experience in the overall general management of high-tech industrial operations. Training, market research and funding for prototypes and patents were also provided by KIC InnoEnergy as part of the InnoEnergy Highway programme.