Exergy3, a thermal energy-based energy storage system provider, secured £1 million (~$1.3 million) in a pre-seed funding round. Zero Carbon Capital led this funding with participation from existing investors Old College Capital and Scottish Enterprise.
According to the company, this funding will expand its team, strengthen its support in the thermal storage sector, and conduct market research.
Dr Markus Rondé, CEO of Exergy3, said: “This funding will enable us to accelerate the commercialization of our technology, expand our market research, and continue to drive innovation in the clean heat sector. Our mission is to provide a practical and affordable pathway towards decarbonizing heat, and this investment is a significant step forward in achieving that goal.”
Exergy3 develops modular thermal energy storage systems that convert green electricity into heat and store it at temperatures up to 1300°C. Last year, the company secured £3.6 Million (~$4.7 million) in funding from the Department of Energy Security and Net Zero to build a full-scale demonstrator for Annandale Distillery in Scotland.
According to Mercom’s recently released 1H and Q2 2024 Funding and M&A report for Energy Storage and Smart Grid, VC funding for Energy Storage companies in 1H 2024 came to $2.4 billion in 48 deals, a 37% decrease year-over-year compared to $3.8 billion in 43 deals in 1H 2023.
Last month, Calectra, a thermal energy-based energy storage system provider, raised $1.6 million in a pre-seed funding round led by Lifeline Ventures with participation from Aera VC, Security Trading (an investment company of Antti Herlin’s family), Orca Climate Fund, Wave Ventures, Prodeko Ventures, and Justin Brodie-Kommit.
