German battery startup CMBLU Energy has crossed the €1bn valuation threshold after closing an initial €50m round of its Series C, with Samsung Ventures joining as a new investor.
All existing investors, including Austrian construction giant Strabag, also participated in the round.
CMBLU makes SolidFlow, a non-lithium long-duration energy storage system designed to discharge for ten hours or more.
The system is built from earth-abundant materials and, according to the company, avoids foreign-entity-of-concern supply chains relevant to US customers.
"Our SolidFlow technology is redefining energy storage by combining inherent safety with a streamlined permitting pathway," Constantin Eis, chief executive of CMBLU, said in a press statement.
The fresh capital will fund manufacturing scale-up and early commercial deployments in Europe and the United States, the company said.
Samsung Ventures said in a statement that CMBLU's technology "stands out as an industry leading approach to scaling sustainable, long-duration energy storage solutions."
CMBLU has signed a 5 GWh framework agreement with Uniper, one of Europe's largest utilities.
The company did not disclose a total fundraising target for the Series C or a timeline for a final close.
We reached out to the company for comment and will update this piece if they reply.