Europe needs energy storage that is not only affordable and scalable, but also built on resilient supply chains.
Today, Rivus announces the closing of a EUR 2 million investment round led by Turbine Capital, alongside Almi Invest GreenTech, with continued support from existing shareholders including XISTA Science Ventures. The investment round complements approximately EUR 2 million in recently awarded non-dilutive funding from the Swedish Energy Agency and Vinnova.
Three years ago, Rivus set out to develop a new generation of organic flow battery electrolytes - combining the non-flammability and long lifetime of conventional flow batteries with higher energy density, lower cost and without relying on scarce materials.
The investment enables us to optimize our electrolyte chemistry, scale up production with external manufacturing partners, and deploy our first customer pilots - bringing a critical-metal-free solution for large-scale energy storage closer to commercial deployment.
Photo (from left to right): Andreas Kölling, COO and co-founder, and Dr. Cedrik Wiberg, CEO and founder and CEO.
"Over the past three years, Rivus has developed an aqueous organic electrolyte system with, to my knowledge, the highest energy density and voltage on the market. This forms a strong technological foundation on which we can now build something great. Turbine Capital and Almi Greentech bring a wealth of experience on scaling deeptech ventures as well as an extensive network for finding customers, industrial partners and capital. With this addition we will be able to scale our chemistry, deliver our first customer pilots over the next 18–24 months, and bring our technology to market faster." – Dr. Cedrik Wiberg, CEO of Rivus Batteries
"Europe is currently scaling renewables into a grid that cannot store them, using chemistries that reproduce the same critical mineral dependencies we are trying to eliminate. Rivus addresses this directly: their organic platform is technically ahead of its peers, the manufacturing pathway is de-risked, and the drop-in compatibility with existing hardware means deployment does not require a new supply chain. With cost inflection reachable within this decade, Rivus has a credible path to competing on cost per kWh stored, not dependent on the resilience premium that comes with a European, critical-mineral-free origin. That combination makes this investment a really compelling early-stage energy storage bet." – Karin Edström, Managing Partner at Turbine Capital
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About Rivus Batteries
Rivus develops metal-free organic electrolytes for flow batteries, synthesized from low-cost commodity chemicals and compatible with commercially available flow battery hardware. Founded in 2023 as a spin-off from Chalmers University of Technology, Rivus commercializes nearly a decade of research conducted at Chalmers, the University of Turku and the Technical University of Denmark. Backed by complementary investors—including Turbine Capital, Almi GreenTech, XISTA Science Ventures, InnoEnergy and NAVCAP—Rivus is scaling its chemistry and installing its first customer pilots in 2026–2027.
About Turbine Capital
Turbine Capital is an early-stage deep tech VC fund backed by corporate investors and university-affiliated incubators. With a 15-year investment horizon, the fund combines financial backing with strategic industry partnerships. www.turbinecapital.vc
About Almi Invest GreenTech
Sweden’s most active greentech venture investor, backing companies accelerating the transition to a sustainable society with approximately SEK 3.5 billion in assets and around 1,000 start-up investments since its inception. www.almi.se/riskkapital/greentech
About XISTA Science Ventures
XISTA Science Ventures (XSV) is an Austria-based venture fund investing in early-stage life science and deeptech startups across Europe. With a deep understanding of both scientific and investor perspectives, XSV is an active partner to its portfolio companies, providing support for founders in realizing deep-tech ideas and scaling enterprises. The fund's diverse portfolio spans the full breadth of science, in fields such as biotechnology, medtech, materials science, and software. XSV is embedded in the innovation system around the Institute of Science and Technology Austria (ISTA). www.xista.vc
About Inno
Inno backs innovations across the entire cleantech sector and provides support, funding, and resources to startups and businesses, aiming to accelerate the transition to a more sustainable energy landscape in Europe and beyond. www.innoenergy.com
About NAVCAP AB
NAVCAP is an investment firm that invests in Swedish industry as well as start-up companies at an early stage with the aim of getting new business ideas and operations established on the market.
