Danish storage start-up Hyme Energy secures €8m in funding

Hyme Energy, the Copenhagen-based energy storage startup, has secured €8 million in funding from existing shareholders including Heartland A/S, Nordic Makers and North-East Ventures, as well as new investor VÅR ventures.

The investment enables Hyme to “keep momentum in the company’s development and current demonstration project”, a company statement said.

The financing will be used to reach milestones including the commissioning and operation of an industrial scale pilot plant currently under construction in Esbjerg, Denmark.

Following the funding close, the company said it would initiate “fundraising dialogues” again in early summer 2024 with the pilot in operation to finance full market entry.

Hyme raised €10.4 million when it was founded in November 2021 and has since matured its technology to pilot stage, secured grants for another €10 million two demonstration projects, “established strong relationships with potential industrial and utility customers globally, and built a world-class team of global talents”, the statement continued.

Ask Emil Løvschall-Jensen, CEO and co-founder of Hyme Energy, said: “This new funding is an acknowledgment from current and new investors on the impressive progress Hyme has made in just two years since founding. The investment will enable us to keep a rapid pace on our mission to decarbonize industries and the energy sector.”