Geyser Batteries Oy, a startup company based in Mikkeli, Finland, has been selected for EIC Accelerator funding under the European Union’s Horizon Europe programme.
Geyser Batteries develops high-power batteries based on its unique patented electrochemistry that is water-based and safe, and uses only low-cost widely-available materials.
The technology has a unique performance profile that is ideally suited to preventing blackouts in electricity grids and thus enabling deployment of more renewable energy at lower cost by keeping the grid flexible and stable. The commercial potential of the technology is significant, with global demand for the company’s solution.
EIC Accelerator is a highly competitive EU funding instrument for startups and SMEs with breakthrough innovations and strong scale-up potential. Only a very small share of applicants are selected for funding.
Being selected for EIC Accelerator funding opens the opportunity for vital financing support to Geyser Batteries through the next crucial phase of development and scale-up. The funding would help the company complete product development, establish an experimental production line, validate the technology in real-world trials with customers in Spain and Finland, and prepare for global commercial rollout.
“Together with our European partners, we are preparing exciting pilot projects in Finland and Spain. To deliver them, we plan to expand our team, ideally hiring new talent from the Mikkeli area. Being selected for this funding provides strong support for our next steps, and we are looking forward to entering the Grant preparation stage of the EIC programme” says Andrey Shigaev, CEO of Geyser Batteries Oy.
The award decision by the EIC Jury is subject to signing the Grant Agreement with the European Commission and the Investment Agreement with the EIC Fund.
Geyser Batteries established its operations in Mikkeli in 2022 with support from Mikkeli Development Miksei Ltd’s Invest-in team.
“This is excellent news. Geyser Batteries is one of only two companies in Finland selected for this funding in this round, and the only one from the South Savo region,” says Timo Paakki, CEO of Mikkeli Development Miksei Ltd.
Mikkeli Development Miksei has supported the company since the early stages by helping identify suitable premises and continues to provide ongoing business advisory services.
More information
Andrey Shigaev, CEO of Geyser Batteries Oy, tel.+358 41 704 3444
Timo Paakki, CEO of Mikkeli Development Miksei Ltd, tel. +358 40 809 1627
Geyser Batteries Oy is a technology company developing a new class of high-power, water-based batteries for demanding industrial applications. Engineered for rapid charging and discharging, Geyser’s patented technology offers unmatched durability, safety, and sustainability — with minimal environmental impact, low cost, and no reliance on critical raw materials like nickel or lithium. Designed to support the transition to 100% renewable energy, Geyser Batteries helps to stabilize power grids by enabling flexibility where and when it’s needed, enabling sustainable and inclusive electrification across Europe and beyond.
Mikkeli Development Miksei Ltd drives regional vitality by enabling business success, tourism growth, and a thriving local operating environment. Promoting investments in South-Savo region project seeks and promotes investments in the region and at the same time develops the region’s capacity to attract investments. The project is co-funded by the EU, and the funding authority is the Regional Council of South Savo.
