Portfolio of circular energy storage systems
The Circular Energy from Zhero Systems (formerly Refurb Battery) are built using battery cells that would otherwise be incinerated or shredded, ensuring that each system prevents the extraction of new raw materials. The modules are fully designed for circularity: at the end of their lifespan, the cells can be easily removed and replaced, while the rest of the module is reused, and functional cells are given a second life. In collaboration with the original manufacturers, the batteries are collected, assessed, disassembled, and tested before being reinstalled in the modules.
With this issuance, round 5, the project owner aims to refinance its portfolio of energy storage systems, consisting of 10 systems with a nominal capacity of 300–400 kWh each, and will thereby redeem two previously issued bond loans.
The portfolio has been fully operational since 2025 and is rented out to clients per unit through long-term contracts and partly through short-term contracts.
Zhero Systems circular battery units
The offer
Details and features of the offer
Goal
The goal is to raise 1 million euros, with a ceiling up to 1,4 million euros, to refinance the portfolio of 10 mobile energy storage systems. These systems were previously financed through DuurzaamInvesteren and are already operational.
Securities
The new financing is secured by a first-ranking pledge on 7 of the 10 energy storage systems owned by the Issuer. The remaining 3 energy storage systems are pledged under the first tranche, which was raised in december 2025 on Duurzaaminvesteren (Refurb Battery Operations - Round 4).
Use of Funds
The proceeds will be used entirely to repay the outstanding bonds from previous financing rounds (Refurb Battery Round 2 and Round 3), with 1 August 2026 as the latest repayment date.
Repayment
The repayment structure is based on the issuer’s operational cash flows and the conservative forecast. An annuity repayment schedule is applied based on a 8-year period, with annual principal repayments. At the end of the term, 31% of the original prinicipal amount will remain outstanding and will be repaid through a bullet repayment, funded by accumulated cash flows of the issuer.
Financial structure
- Issuance of senior secured bonds in the Netherlands by Refurb Battery Operations B.V.
- Term of 5 years and 6 months, maturing on 31 December 2031, aligned with Tranche 1
- Fixed annual interest rate of 8%
- Bond ranking: senior
Questions about the impact on your taxes as an investor? Please check this web page for more information.
Specifications
Investment phases
- Investment open to everyone
End of project financing
The closing date for contributions may be extended at the request of the project owner.
The return on your investment will be calculated from the date the subscription certificates are generated, i.e. once all the funds have been received and the legal documentation has been signed by the project owner.
Resources
Simulator
Investment simulation
Circular Energy -
Obligation
8%/year over 5.4 years
Simulation - Rate : 8% / year on 5.4 ans
Initial investment:
€1,000
Repayments and interest:
€1,314.4
In 6 transfers
| Date | Interest* | Capital | Amount |
| 31/12/2026 | €40 | €94.02 | €134.02 |
| 31/12/2027 | €72.48 | €101.54 | €174.02 |
| 31/12/2028 | €64.36 | €109.66 | €174.02 |
| 31/12/2029 | €55.58 | €118.43 | €174.01 |
| 31/12/2030 | €46.11 | €127.91 | €174.02 |
| 31/12/2031 | €35.87 | €448.44 | €484.31 |
| Total | €314.4 | €1,000 | €1,314.4 |
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*Gross interest before tax, including all fees ( view taxation ) The result presented is not a forecast of the future performance of your investments. It is only intended to illustrate the mechanics of your investment over the investment period. The evolution of the value of your investment may vary from what is shown, either increasing or decreasing. |
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The project
Zhero Systems’ (formerly Refurb Battery) circular energy storage systems are built using battery cells that would otherwise be incinerated or shredded, ensuring that each system prevents the extraction of new raw materials. The modules are fully designed for circularity: at the end of their lifespan, the cells can be easily removed and replaced, while the rest of the module is reused, and functional cells are given a second life. In collaboration with original manufacturers, the batteries are collected, assessed, disassembled, and tested before being redeployed in the modules.
With this fifth issuance, the project owner aims to refinance its portfolio of energy storage systems—consisting of 10 systems, each with a nominal capacity of 300–400 kWh—and settle two previously issued bond loans.
Market From 2023, its founding year, to 2025, Refurb Battery refined its product, tested it in the market, and identified the most suitable applications and target groups, forming the basis for its information memorandum and market positioning.
According to the European Association for Storage of Energy, EU storage capacity is expected to nearly double between 2022 and 2030, with the Dutch market growing at an above-average rate. At the same time, ongoing battery advancements drive rapidly evolving technology but also declining system and rental prices. Refurb Battery incorporates buffers in its financial forecasts to account for these price trends, distinguishing itself through its circular, European, and sustainability-focused approach, emphasizing cost reduction, hassle-free solutions, and maximum circularity. Its product offering has expanded to include both rental and purchase options, as well as large and small systems, leveraging marketplaces and platforms.
The customer base includes construction companies, generator rental providers, port authorities, EV charging infrastructure operators, retail organizations, and festival facilities. The portfolio grew from 5 to 10 systems in 2025, with a goal of leasing at least three systems long-term annually and deploying the rest flexibly.
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Project owners
Over de aanbieder
The issuing institution, Refurb Battery Operations B.V. ( trade name: Zhero Systems ), was established to commercially lease mobile circular energy storage systems. It acquires the systems under market-compliant conditions, leases them to users, and collaborates with customers to emphasize the circular benefits. During operation, Refurb Battery Operations ensures the circular deployment of the systems.
The following parties are involved in the installation and operation of the portfolio of mobile energy storage systems:
SBS Beheer B.V.: SBS Beheer B.V. is the Dutch parent company of the Issuing Institution and Refurb Battery Productions B.V. (together referred to as the ‘Refurb Battery Group’).
Refurb Battery Productions B.V. - Supplier and Maintenance: Refurb Battery Productions B.V. is the manufacturer of the energy storage systems. Together with partners, it provides maintenance and monitoring of the energy storage systems.
In 2023, Zhero Systems, under the name Refurb Battery, was named Circular Enterprise of Brabant, won the Rabobank Sustainable Innovation Award, the WeCycle Award, and appeared on the television program Binnenstebuiten.
Follow the latest developments of Zhero Systems on the website.
Our analysis
Risk overview
Commercialization risk
Risk related to the commercialization of a new offering
Mitigation methods
The Issuer is working towards long-term contracts as much as possible. This gives stability in the conditions, prices and gives security for revenues and cash flows for at least 1 year.
Market risk
Risk of falling prices leading to a drop in income.
Mitigation methods
Besides the frameworks with Greenchoice and Prologis, the Issuer is talking to 5 other parties concretely regarding these long-term contracts. In the case that the Issuer has zero long-term contracts and rents its units out on the free market, the expected revenue is sufficient to run a break-even business.
Investing in this participatory financing project involves risks, including the risk of total or partial loss of the capital invested. Your investment is not covered by the deposit guarantee schemes established in accordance with directive 2014/49/EU of the European Parliament and of the Council . Your investment is also not covered by the investor compensation schemes established in accordance with Directive 97/9/EC of the European Parliament and of the Council . Return on investment is not guaranteed. This is not a savings product, and we recommend that you not to invest more than 10% of your net assets in participatory finance projects. You may not be able to sell the investment instruments when you wish. If you are able to sell them, however, you may incur losses.
