Endurance Motive closes 2 million EUR Round

Webcapitalriesgo (in Spanish) reported that Valencian Lithium-based storage technology company, Endurance Motive, had closed €2 million round. The company is a member of the Valencian Battery Alliance. The alliance is the most ambitious project in southern Europe to develop and implement a gigafactory of lithium batteries. It also has an R&D center that allows Spain to consolidate itself as a world leader in energy.

Who is Endurance Motive?

According to Endurance Motive’s homepage, the company contributes to electro-mobility and it is a great challenge of the 21st Century. Thus, Lithium-based storage technology is the tool to overcome this challenge. In fact, the Endurance Motive team is preparing to manage the change. What’s more, the company focuses on quality control and manufacturing in Europe.

What is Valencian Battery Alliance?

The Valencian Battery Alliance includes companies, innovation centers, technological institutes, and universities that have a long history of research and production around the energy sector. Indeed, they are already present throughout the value chain. Thus, an initiative has been growing over time and will continue. This is because the alliance follows its strategy: To think in the short, medium and long term, and to accommodate scientific and technological R&D.

This project includes Element Gigafactory and Element Valencia Research Energy Center, which are together with Power Electronics. The Energy Technology Institute (ITE), the University of Valencia’s Molecular Science Institute (ICMOL) and the Polytechnic University of Valencia’s Chemistry Technological Institute (ITQ) are members, either.

This project aims to be a real catalyst for the economy. This is because the Valencian Battery Alliance can contribute to about 2,500 million euros of annual GDP growth in Valencia. In addition, the alliance will be able to create about 30,000 jobs in the region.

Why is the production of lithium-ion batteries in Europe important?

In the other article about Nissan Barcelona’s plants, the production of lithium-ion batteries in Europe is crucial now. There are several reasons why it is important.

First, the demand of electric vehicles soars up. The EU and many countries has already declared to be carbon neutral by 2050. As a result, electrification is accelerating. Of course, electric vehicles are not complete solution, so life-cycle assessment is also essential.

Second, when it comes to electric vehicles, their price is still expensive. One reason is that the cost of lithium-ion batteries is high. Therefore, many companies and institutions invest in research and development to realize technological advancements. Valencian Battery Alliance is without exception.

Third, as for lithium-ion batteries, their production is mainly in East Asia. Contemporary Amperex Technology Co. Limited (CATL) and LG Energy Solutions are two powerhouses in the market. Therefore, the EU thinks it is too risk to rely on imports for lithium-ion batteries.

As a result, the European Commission launched the European Battery Alliance in October 2017 to address this industrial challenge. The annual market value is estimated at €250 billion from 2025 onwards. For Europe, the establishment of a complete domestic battery value chain is imperative for a clean energy transition and a competitive industry.