European Energy Put Millions Into ShipTown: Set to Scale New Danish Hydrogen Battery

Deep-tech company ShipTown has secured a private investment of DKK 5 million from European Energy, along with an additional investment from green investor Lars Fejer.

The investment will lift the company’s H-Battery technology from prototype stage to commercial scale. The prototype rests on a foundation of soft funding, testing and various collaborations in Energy Cluster Denmark’s ecosystem.

From prototype to scale-up

ShipTown is developing H-Battery – a hydrogen-based energy storage technology that stores surplus green power as hydrogen and feeds it back as electricity to the grid, or to energy-intensive facilities such as data centres and Power-to-X plants. With a total investment of around DKK 5 million, European Energy and investor Lars Fejer are now joining the company and providing capital to move the technology from testing to industrialisation.

“For ShipTown, the investment from European Energy is a crucial breakthrough. We’re going from being a small, hard-working development team to being able to scale our H-Battery technology towards a commercial market. The investment means we can build next-generation prototypes, test at larger scale and bring the right competencies into the team,” says Marie Vedel, CEO of ShipTown.

ShipTown’s technology builds on NASA’s alkaline fuel cell and combines two functions into one integrated unit: electrolysis, which converts electricity into hydrogen, and a fuel cell, which converts the hydrogen back into electricity. The overall efficiency of the fuel cell is around 60%, while electrolysis alone is at 90%. These figures place the solution among the most promising in the field of large-scale energy storage.

Private capital is absolutely key

Alongside the investment from European Energy, Lars Fejer – who has many years of experience in green investments and fund advisory – is also joining as an investor, after following ShipTown closely over the past year.

The road to this investment has gone through a series of innovation and support projects. An early project financed by Energy Cluster Denmark’s company scheme, funded by the Danish Board of Business Development, laid the first knowledge foundation. Later, ShipTown took part in the Beyond Beta accelerator programme, including mentoring and strategic sparring, which sharpened the company’s funding strategy and business model.

In addition, ShipTown has raised funds through, among others, Innobooster and Lighthouse South (Fyrtårn Syd) projects and won a pitch competition at the Net Zero Innovation Hub for Data Centers in Fredericia. Most recently, the company has also secured funding from the Tønder Energy and Environment Fund and applied to EUDP for additional test facilities at European Energy.

“Energy Cluster Denmark has been a significant part of our journey at ShipTown. We’ve gone from a lab idea to a kW-scale prototype and further on to demo and testing within the energy cluster ecosystem. The smaller projects, funding sparring and access to partners have made us much more mature – both technologically and commercially – and that has been crucial for us now being able to raise private capital,” says CEO Marie Vedel.

With the investment, ShipTown can expand the team, hire specialised staff and build next-generation prototypes in collaboration with universities and industry partners. At the same time, the investment has opened the door to a matching loan from EIFO of DKK 3 million, further strengthening the financial foundation.

Aiming for the Danish top league

The next step for ShipTown is to execute on the prototype and then realise the first commercial cases in close collaboration with European Energy and other partners. Testing and demonstration at concrete sites will document the technology’s performance and CO₂ impact and open doors to both Danish and international markets, including the data industry and future Power-to-X projects.

The ambition is clear: ShipTown wants to be a Danish-based manufacturing company that develops and assembles the core technology in Denmark and delivers solutions globally.

“We want to build a strong Danish manufacturing company. Our goal is not to make a quick exit to a private equity fund, but to build a company that can stand shoulder to shoulder with names like Vestas and Grundfos – with Danish technology, Danish production and a significant international CO₂ impact,” says ShipTown CEO Marie Vedel.

According to the plan, ShipTown will have a full-scale 2 MW pilot module ready for testing in 2027.

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