Splash247: Norwegian battery startup secures fresh backing from Grieg and Westfal-Larsen

Published by Splash247

Norwegian maritime battery technology company Nereida Energy has raised NOK32m ($3.4m) in fresh capital from a group of investors led by Grieg, Nysnø Climate Investments, Eviny and Nye Aasen.

The Bergen-based company secured the funding through a private placement of shares as it looks to expand its position in the fast-growing maritime electrification market.

Founded last year by a team with experience in marine battery and energy storage systems, Nereida develops battery solutions for a range of vessel types, including ferries, offshore vessels, service vessels and wellboats.

The company’s offering combines battery systems with proprietary software and control technology designed to optimise performance, monitor battery health and manage operational safety and cybersecurity requirements.

Chief executive Geir Bjørkeli said the company focuses on the management and control layer of battery systems rather than the battery cells themselves.

“Batteries are increasingly becoming commoditised, so it is the management and control system that truly differentiates solutions and determines how much value you get out of the batteries,” Bjørkeli said.

Nereida has also developed a flexible battery module design that allows battery strings to be configured at different heights, helping shipowners maximise available battery room space while remaining adaptable to future battery chemistries and cell formats.

The new funding will be used to strengthen the organisation, further develop the company’s battery and energy storage products and support strategic growth initiatives.

Among the new shareholders is Grieg Maritime Group, investing through its Grieg New Energy unit.

“Nereida combines strong industrial expertise with a scalable and competitive technology platform,” said Vidar Lundberg, managing director of Grieg New Energy. “The company is well positioned in a market that is expected to grow significantly in the coming years.”

Nye Aasen, owned by the siblings Karianne, Morten and Helene Westfal-Larsen, also joined the funding round alongside Eviny Ventures and Nysnø Climate Investments, the Norwegian government’s climate investment vehicle with NOK5.5bn under management. Nereida chairman Hogne Tyssøy participated through his private investment vehicle.

The investment comes as maritime electrification gathers pace. According to DNV’s Maritime Forecast to 2050, the number of vessels using alternative energy solutions, including battery and hybrid systems, is expected to nearly double between 2024 and 2028 based on the current orderbook.