ENERGY STORAGE

Storage company Phelas secures €4.1m in seed financing

March 7, 2024

German liquid-air energy storage company Phelas has secured €4.1 million in a seed financing round.

The investment round was led by E44 Ventures, a climate tech fund, with participation from Axon Partners Group, Deutsche Telekom Hub:raum Fund, BNV Partners, as well as other investors and existing angel investors.

The funding will be “instrumental in scaling up the Phelas liquid air energy storage to megawatt scale to deploy the systems in the EU and expand on its industry leading technology,” a statement said.

Sharon Shacham co-founder and managing partner at E44 Ventures, said: “Our investment in Phelas reflects our strong belief in the important potential of long-term energy storage. We are excited to partner with Phelas and support their mission to develop innovative, scalable, and sustainable energy storage solutions. With their dedicated team of experts, we are confident that Phelas will drive significant advancements in the field, enabling the widespread adoption of renewable energy and propelling the clean energy revolution forward.”

Gabriela Brodzińska-Drozd, investment manager at Deutsche Telekom Hub:raum Fund, added: “Phelas is leading the charge in transforming the energy storage system space. With their pioneering approach, Phelas is reshaping how energy is stored and managed, as well as driving a more efficient use of renewable energy. Phelas has potential to shape a brighter future for sustainable energy solutions.”

Phelas CEO Justin Scholz said: “Making 100 per cent renewable energy globally a no-brainer. We started Phelas to make this vision reality and enable our customers build the renewable energy system of the future. Renewables plus storage must become the cheapest, most sustainable, and most reliable power supply globally.”