phelas, a provider of long-duration energy storage solutions, secured €4.1 million (~$4.5 million) in seed funding. The round was led by E44 Ventures, an Israel-leading climate tech fund, with participation from Axon Partners Group, Deutsche Telekom hubraum Fund, BNV Partners, other investors, and existing angel investors.
phelas specializes in the development of its Aurora long-duration energy storage, a proprietary Liquid Air Energy Storage technology that is modular, scalable, and tailored for integrating with renewable energy sources.
“Making 100% 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 + storage must become the cheapest, most sustainable, and most reliable power supply globally,” said phelas CEO Justin Scholz.
The funding will be used to scale up the phelas Liquid Air Energy Storage to a megawatt scale to deploy the systems in the EU and expand on its industry-leading technology. phelas is expected to work closely with the industry and leverage expertise from Chemical Engineering Sector Engineering Procurement and Construction (EPC) companies.
“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 drive a more efficient use of renewable energy. phelas has potential to shape a brighter future for sustainable energy solutions.” Gabriela Brodzińska-Drozd – Investment Manager at Deutsche Telekom hub:raum Fund.
According to Mercom’s Annual and Q4 2023 Funding and M&A Report for Storage & Smart Grid, Venture capital (VC/PE) funding in Energy Storage in 2023 was the highest ever recorded, increasing 59% year-over-year (YoY), with $9.2 billion in 86 deals compared to the $5.8 billion raised in 96 deals in 2022.
Energy Dome, a provider of long-duration energy storage solutions, raised €40 million (~$44 million) in a Series B funding round led by Eni Next and Neva SGR. The investment will help Energy Dome scale up its CO2 Battery technology, which uses carbon dioxide to store renewable energy on the grid.
