Arnhem, The Netherlands, August 1, 2023 – Dutch electricity storage company Elestor has appointed industry heavy-weight Pieter Pijper as its Chief Financial Officer (CFO). Pijper will introduce financial structures that help ensure the rapid commercialisation of Elestor’s hydrogen bromine flow battery technology.
“Pieter’s skills, experience and proven judgement mean he is ideally suited to take on the task as we step up to the next level of professionalism,” said Guido Dalessi, CEO, Elestor. “Elestor is already well funded as investors have increased their commitments significantly in recent months, but there will obviously be further funding rounds soon to finance our ultra-rapid growth. During this coming phase, Pieter’s ability to keep a close eye on the numbers will be more important than ever.“
Pijper has extensive experience both as a CFO and as a supervisory board member of large, international corporations. He has previously overseen fund-raising and initial public offerings (IPOs) preparations during corporate growth phases, as well as helped engineer complex mergers and partnership agreements.
“I have spent my entire career working with passionate experts in technical environments, usually for very large corporations. I expect my time at Elestor will be similar in that it will coincide with an evolution from a relatively small to a very large company,” Pijper said.
“This growth will be essential, not because size is a goal in itself, but instead because Elestor will need to become very large quite quickly in order to help power society’s transition from fossil fuels to clean energy.”
License to operate
Long-term, large-scale energy storage will be an essential part of the energy transition. Elestor’s firm commitment to a new, clean energy system, along with its obvious abilities that will help make it happen, attracted Pijper. Indeed, these were the main reasons why he not only joined but also invested privately in Elestor.
“Elestor clearly has a license to operate as it is devoted to a well-defined mission that will benefit a wide array of stakeholders, including the general public, current and future employees, investors and of course our customers,” Pijper said. “I look forward to becoming an active contributor to Elestor’s journey towards becoming a huge, international company with an enormously positive impact on the climate as well as on the environment more broadly.”
Elestor’s flow batteries contain hydrogen and bromide, which are both abundant materials. This makes a truly global energy transition possible, without it resulting in geopolitical squabbles over scarce resources.
The closed system can be explained relatively simply. In essence, the two chemicals are separated by a membrane. When charging, a chemical redox reaction starts and an ion exchange occurs through the membrane, resulting in an electric current. During discharge, the chemical reaction is reversed. This process will often deliver the lowest levelised cost of energy storage.
Contact details: Media & Investor Relations: Guido Dalessi, CEO
Elestor is a cleantech company that develops and delivers cost-effective large-scale energy storage technology to facilitate the energy transition. The Amsterdam Centre for Business Innovation at the University of Amsterdam has ranked Elestor as one of the 10 most innovative companies in The Netherlands. Elestor has also won many prizes, including the prestigious European EES Award as winner in the Energy Storage category.