Geyser Batteries is building the next generation of high-power batteries

Could a battery be both fast and environmentally sustainable? This was the question that led to the founding of Geyser Batteries in 2018. The company’s R&D has resulted in a water-based, high-power battery technology suitable for both power grids and industrial applications. As renewables, inflexible and unstable in their nature, start dominating our energy supply, grid flexibility and stability support demand increasingly complex and dedicated solutions to avoid blackouts. Traditional lithium-ion batteries are too slow and expensive for the task of maintaining the fine balance of the power grid on the scale from milliseconds to minutes. This is the challenge Geyser Batteries solves.

Geyser’s cell endures hundreds of thousands of charge and discharge cycles, while its manufacturing requires very little energy. The batteries can be charged within seconds or minutes and provide high power for short-duration energy storage needs. In power grids, Geyser’s battery acts as a fast power source, balancing fluctuations in renewable energy production and supporting the grid in contingency situations. The transportation and logistics sectors benefit as well: the batteries can be used in heavy-duty vehicles and industrial machinery in situations where short bursts of power are needed. This enables reduced fuel consumption and emissions without compromising performance.

According to the CEO of Geyser Batteries, Mr. Andrey Shigaev, the company occupies a category of its own in energy storage. 

– Our solution is unique and cost-effective. It is designed specifically for rapid power balancing, something other technologies can only achieve with significant oversizing and at much higher cost, Shigaev says.

Environmental sustainability is at the core of the technology. The water-based battery chemistry enables cost-efficient manufacturing and low energy consumption. The batteries contain no lithium, cobalt, nickel, niobium or other critical raw materials. 

– We do not use metallic electrodes and no dry-room processing, which means our overall carbon footprint is very low. In no single element our manufacturing can be significantly influenced by any specific country. The use of widely available materials and aqueous electrolytes creates our winning formula of “Cost+3S”: Sustainability, Safety, Supply chain, Shigaev summarizes.

Business Finland has supported Geyser Batteries Oy from its earliest steps. 

– Well, suffice to say that there would probably be no Geyser without Business Finland, says CEO Andrey Shigaev. 

– Development of a novel product as complex and sophisticated as an electrochemical energy storage is riddled by unknown unknowns, which results in pivots along the way, demanding absolute dedication of the team. The work is focused on research, development and piloting, and  Business Finland has built excellent support mechanisms for that. I don’t believe we would have overcome all the challenges without those.

According to Tuukka Vainio, Business Finland’s Account Lead for the energy sector, Geyser Batteries began developing its new alternative battery technology with Tempo funding and has since carried out several long-term R&D projects financed by Business Finland. 

– Developing a new battery technology requires extensive research and development. Geyser Batteries has impressed us with its consistent progress: they have successfully increased the technology’s readiness level from one project to the next, Vainio says.

Vainio adds that Geyser Batteries is an excellent example of the deep tech that Business Finland aims to support. 

– Business Finland supports startups with high ambitions – companies tackling major challenges, running long R&D projects and requiring significant financing. In return, the potential for breakthrough innovation and international growth is substantial. Geyser is aiming precisely for this.

The AGISTIN project, funded under the EU’s Horizon Europe programme, has opened a pathway toward international breakthrough for Geyser Batteries. With EU support, the company is carrying out its first large-scale demonstration project in Spain as part of a consortium of 14 partners, including energy storage manufacturers, power technology suppliers, industrial users, research institutes and universities. The collaboration offers an excellent opportunity to test and validate the technology in a real operating environment. 

– EU funding provides companies with an outstanding opportunity to pilot and scale innovations in an international setting together with leading industry players. Geyser, for example, leverages the network to develop its technology for future needs, says Emmi Nahi, Finland’s National Contact Point for Horizon Europe.

AGISTIN gives Geyser concrete pilot and demonstration opportunities with international partners, enabling practical testing and validation of the technology – particularly in cooperation with power utilities. Geyser will work alongside top global experts and demonstrate the performance and scalability of its solution. 

– In the pilot, our battery will be integrated into a so-called pumped solar setup – a solar power plant connected to a pumped hydro facility. Next, we plan to pilot the solution in Finland and the Nordic countries in conjunction with hydropower plants before expanding globally, says Andrey Shigaev.

Geyser Batteries participates in the AGISTIN project through Horizon Europe. Business Finland has supported the company with EU funding advisory services and provided dedicated coaching also for the EIC Accelerator application process. 

– EIC funding offers a unique opportunity to accelerate the development and commercialisation of breakthrough innovations. The application process consists of three stages, including a pitching phase for which Business Finland provides training and guidance. Although the competition is tough – only about four percent of applicants succeed – Geyser managed to convince the evaluators this year and secured significant funding, says Tuukka Vainio.

– We want to pilot our product close to home so we can serve our customers as efficiently and quickly as possible. Once the pilots are built and completed by 2028, we shall expand globally, says Andrey Shigaev.

While the company is focused on the crucial first pilots, Geyser Batteries’ growth is further supported by evolving interest from around the world. The tougher it gets to bring more renewable power onto the grid, the more Geyser Batteries’ is needed. Australia is a canary in this coal mine due to its isolated grid and huge solar energy production, so it’s only natural that the first large supply and joint production agreements were signed by Geyser Batteries in that country.

From a ten-year perspective, Shigaev sees Geyser Batteries’ solution becoming a global standard. In the future, most of the production volume will come from 10–15 joint ventures or licensed factories around the world. The goal is to deliver 5–10 gigawatts of fast-cycling capacity from each annually. 

– Strategically, we will be known for three things: the lowest cost per MW for repetitive power bursts, the smallest lifecycle carbon footprint in our class, and a supply chain independent of critical raw materials. This is the Geyser Batteries I am building: a company that makes renewable-only systems practical, heavy machinery more productive, and the energy transition more affordable, safer, and faster.