Hybrid Energy Storage Solutions (HESSTec), an energy storage solutions provider, has secured €12 million (~$13.6 million) in a funding round.
The funding round saw participation from ABB, SC Net Zero Ventures (managed by Suma Capital), and VERBUND X Ventures, a venture capital unit of Austria’s energy supplier VERBUND.
The company offers turnkey energy storage and grid asset optimization solutions for renewable integration, distribution, and transmission grid applications, electric vehicle infrastructure, and microgrids, both isolated and connected.
With this funding, the company plans to enhance its industrial and technological capabilities by launching its own production line for intelligent control systems and expanding its European electrical network laboratory, the Advanced Grid Lab, to validate storage solutions in both real and simulated grid scenarios.
The funding will also support the company’s preparation to expand and enter key markets such as North America, Latin America, and the Middle East.
“This operation represents a qualitative leap in our roadmap. We are combining technology, industrial vision, and capital committed to sustainability to accelerate the deployment of solutions that will enable a stronger, more resilient, and fully decarbonized grid. Moreover, we are enhancing our industrial capacity with a proprietary manufacturing plant and a one-of-a-kind megawatt-scale grid laboratory in Europe,” said Eugenio Domínguez Amarillo, CEO of HESSTec.
According to Mercom’s recently released Q1 2025 Funding and M&A Report for Energy Storage, VC funding in the sector fell 8% year over year, with $1.1 billion raised in 18 deals, down from $1.2 billion raised in 23 deals during the same quarter last year.
In November, Ampd Energy, a provider of battery energy storage solutions for heavy industries, raised $27.3 million in an oversubscribed Series B funding round. Kibo Invest and Openspace co-led the funding round, with participation from existing investors MTR Lab, Taronga Ventures, and 2150. The company will use this funding to expand its battery energy storage supply globally.
