Prime Batteries Technology, an InnoEnergy portfolio company and a leading European manufacturer of lithium-ion batteries and energy storage systems, has secured a new strategic investor. T2Y Capital, a growth equity fund specializing in the energy transition sector, has joined InnoEnergy in the company’s shareholder structure.
Headquartered in Bucharest, Prime Batteries is one of the technologically leading and independent providers of lithium-ion-based energy storage solutions in the European Union. Founded in 2016, the company develops advanced battery systems for mobility, industrial, renewable energy storage and grid applications. As a fully integrated solutions provider, Prime Batteries produces all components from battery cells to battery management systems and offers turnkey energy storage solutions for a variety of industries.
Since joining the InnoEnergy portfolio in 2022, Prime Batteries has accelerated its European expansion and scaled its operations to an industrial level. The company currently operates a 2.3 GWh production facility and plans to increase capacity to over 8 GWh by 2030. A key part of this strategy is the construction of a new 6 GWh factory, with an estimated investment of €700 million. Through InnoEnergy’s support, Prime Batteries has gained access to a robust European network of technology partners and investors, enabling it to deliver projects in Germany, Poland, Norway, Spain, and Italy.
T2Y Capital is a growth equity investor focused on the energy sector and adjacent industries. The fund aims to scale innovative companies with a proven business model by providing capital and expertise, thereby generating superior returns for its investors. T2Y Capital invests along the entire value chain and helps to build European champions in the energy transition. As an SFDR Article 9 fund, T2Y Capital meets the highest standards of the EU Disclosure Regulation.
Adrian Polec, Founder and Chairman of Prime Batteries:
“The partnership with T2Y Capital is a significant milestone for our company. They bring capital and complementary expertise as well as access to new markets. T2Y Capital is the ideal partner for Prime Batteries to broaden our offering, including with Battery-as-a-Service, and rapidly expand our international sales footprint to match growing demand.”
Vicentiu Ciobanu, CEO of Prime Batteries:
“I am delighted to welcome T2Y Capital as a shareholder and strong partner for our next phase of growth. We can now further scale up our production capacity. T2Y Capital’s support reinforces Prime Batteries’ position as a leading lithium-ion technology provider in Europe, bringing innovative solutions to the market.”
Benedikt Friedrich, Managing Director Investments at T2Y Capital:
“Prime Batteries is a European ‘hidden champion’ in the energy sector. The company is a technology leader and is well-established in the EU with a profitable business model. As a strategic partner, T2Y Capital will support its international expansion and help scale Prime Batteries’ success to a gigawatt level”.
Patrick Bettscheider, Founder of T2Y Capital:
“Europe needs to become more competitive, reduce its dependence on energy imports, and further advance the decarbonization of industry. Achieving this requires innovative technologies, which we expect will see substantial growth in the coming years. This presents attractive opportunities for investors. With the investment in Prime Batteries, T2Y Capital is partnering with a particularly fast-growing company and contributing to securing Europe’s energy future.”
T2Y Capital will take a seat on the Board of Directors and support Prime Batteries in its next phase of growth – not only with expansion capital, but also with strategic expertise and access to its extensive industry network. The goal of the partnership is to significantly accelerate Prime Batteries’ international expansion, particularly by scaling global sales and increasing production capacity from currently two gigawatts to over eight gigawatts by 2030.
T2Y Capital media contact
Harald Domke
M: +49 171 3383836
E: t2ycapital-eu@fgsglobal.com
