Dutch battery project reaches crowdfunding target

Dutch company Giga Storage has successfully raised €3.7 million via crowdfunding site DuurzaamInvesteren to fund construction of a 12MW battery – the largest in The Netherlands.

The  battery, dubbed ‘Giga Rhino’ will be installed in 2020 at the Wageningen University & Research test center in Lelystad, adjacent to the Neushoorntocht wind farm.

The battery will be supplied by NEC ES and installed by Engie.

The crowdfunded bond offered 5.5% annually for a three year period, secured by income from the sale of the stored electricity on the imbalance market, the sale of capacity on transmission operator TenneT’s line and reserve market and the provision of storage services to renewable energy projects.

Construction is due to start this year.