Nilar International, a producer of nickel metal hydride (Ni-MH) chemistry batteries, received €47mn ($55mn) from European Investment Bank (EIB) as the company aims to compete with lithium-ion and lead acid batteries.
EIB grants loans to support the innovative technology companies. Nilar, headquartered in Sweden, was awarded the loan as the company claims that their batteries are safe, recyclable and would last longer than other batteries. Production of their Ni-MH battery is apparently less energy intensive than lithium-ion. Nilar’s batteries are nickel-based and do not contain scarce material, said the company. Nilar is planning to cater to commercial and residential markets for NI-MH back-up batteries. This could be a substitute to the lead-acid batteries, according to the company.
The application of the Ni-MH battery ranges from residential and commercial for back-up power and for electric vehicles. Most of the residential and commercial power back-ups use lead acid batteries which are commonly known to be hazardous, according to Davis Index sources.
The financial support from EIB will encourage the company to further reduce cost. The price difference between lead acid batteries and Ni-MH batteries is discouraging buyers, shared market participants.