Photoncycle, a hydrogen-based energy storage solutions provider, has raised €15 million (~$17 million) in a Series A funding round, led by NordicNinja, a Japan-backed venture capital fund in Europe, and Voima Ventures, a Nordic venture capital firm.
The funding also saw participation from existing investors Lifeline Ventures, Eviny Ventures, Luminar Ventures, and Momentum.
The funding comes as the Netherlands prepares to phase out net metering in 2027, a policy change that is expected to alter the economics of rooftop solar.
Currently, the residential storage market is dominated by lithium-ion batteries. Photoncycle offers a different approach; the company’s patented technology transforms surplus renewable energy into solid-state hydrogen stored underground, releasing it as clean heat and power when needed.
Photoncycle intends to offer its system under a subscription-based model in which the seasonal storage unit is installed at the customer’s property and operated as part of an integrated energy solution.
According to the company, the funding will be used to scale manufacturing and support early commercial deployment in Denmark, followed by entry into the Netherlands.
Bjørn Brandtzæg, founder and chief executive of Photoncycle, said, “The Netherlands has one of Europe’s most advanced rooftop solar markets. The next step is solving the seasonal mismatch. As net metering is phased out, households will need new ways to retain the value of their summer solar production rather than exporting it to the grid.”
The company has planned 1.4 TWh annual manufacturing capacity at full industrial scale and is expected to begin coming online in 2027.
According to Mercom’s Annual and Q4 2025 Funding and M&A Report for Energy Storage report, VC funding in the Energy Storage sector in 2025 increased 30% YoY, to $4.8 billion across 75 deals, up from $3.7 billion across 84 deals in 2024.
In November 2025, Exowatt, a provider of thermal energy storage solutions, secured an additional $50 million in funding. The investment was led by MVP Ventures and 8090 Industries, along with additional investors including the Florida Opportunity Fund, DeepWork Capital, Dragon Global, Massive VC, New Atlas Capital, BAM, Overmatch, Protagonist, StepStone, Atomic, and Bay Bridge Ventures.
