Rotterdam-based EST-Floattech, a developer of battery systems for electrified vessels, has announced a successful funding round, raising a total of €4 million from investors. The Energy Transition Fund Rotterdam contributed €3 million, with an additional €1 million coming from existing supporters.
Among the existing shareholders are PDENH, Ponooc, Yard Energy, and the Rotterdam Port Fund, which includes the City of Rotterdam. The Rotterdam Port Fund, a private investment fund focused on financing innovation in the port sector, has been a key supporter. EST-Floattech has stated that it has a strong customer base in Rotterdam.
The company specializes in developing and manufacturing lithium-ion batteries for electric and hybrid propulsion systems used in inland vessels, ferries, and yachts. It also designs its battery management systems in-house.
This new funding will enable EST-Floattech to expand its operations nationally and internationally. The company plans to concentrate on markets in Northwest Europe and is collaborating with battery manufacturer DuraPower to access the Asian and Oceanian markets. Additionally, EST-Floattech intends to target larger vessels in the future.
In a notable project in 2022, EST-Floattech was involved in converting several inland vessels and supplied a 504 kWh battery container for this purpose. Fokke van der Veen, Director of Operations at Future Proof Shipping, commented, “EST-Floattech is one of the few that can supply the battery power required for the FPS Maas.”
One of the challenges in battery design for vessels is to ensure they are compact and lightweight to avoid compromising cargo space on heavy inland vessels.
Besides high energy density, safety is crucial for maritime applications. EST-Floattech’s new Octopus series recently received certification from DNV, Lloyd’s Register, and Bureau Veritas, confirming compliance with relevant safety standards for maritime use.
Joep Gorgels, CFO and CBDO of EST-Floattech, expressed gratitude for the investment, stating, “The investment of Energietransitiefonds Rotterdam and the current shareholders in EST-Floattech not only brings new capital, which helps us take the next step towards growth, it also shows that the Netherlands believes in the power of innovation and sustainable energy.”
Despite progress, the shipping sector remains heavily reliant on carbon-intensive fuels. Currently, only 1% of the global fleet is electrified, and significant efforts are needed to achieve net-zero emissions by 2050. Inland and maritime shipping contribute 16.5% of the Netherlands’ CO2 emissions, with further growth expected. The EU anticipates a 50% increase in transport via inland waterways and shorter sea routes by 2050 compared to 2015, along with over 200% growth in international shipping volume between 2023 and 2050.
