Munich-based phelas, a pioneer in the energy storage sector, announced Wednesday that it has secured €4.1M in a seed round of funding.
The funding round is led by E44 Ventures, an Israeli climate tech fund, with participation from Axon Partners Group, Deutsche Telekom hub:raum Fund, BNV Partners, other investors, and existing angel investors.
The German company will use the funds to scale its phelas Liquid Air Energy Storage to Megawatt Scale to deploy the systems in the EU.
phelas will work closely with the industry and leverage expertise from Chemical Engineering Sector Engineering Procurement and Construction (EPC) companies.
phelas: Pioneering energy storage sector
Founded in 2020, phelas is developing Aurora, a modularised and scalable energy storage system based on a new proprietary air liquefaction and thermal management process to achieve low-cost, scalable sustainable, and easy energy storage.
Phelas has already been working with customers to accelerate energy storage deployment through Catalyst, phelas’ strategic energy asset planning solution.
The solution helps answer key questions about project risk and profitability.
CEO Justin Scholz of phelas shares the core vision, “Making 100 per cent renewable energy globally a no-brainer. We started phelas to make this vision reality and enable our customers to build the renewable energy system of the future. Renewables + storage must become the cheapest, most sustainable, and most reliable power supply globally.”
The investors
Based out of Tel Aviv, E44 Ventures builds and invests in companies that tackle humankind’s most critical climate challenges. The VC focuses on energy, decarbonisation, Synthetic Biology, and agriculture.
Our investment in phelas reflects our strong belief in the important potential of long-term energy storage,” says Sharon Shacham Co-founder and Managing Partner at E44 Ventures. “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. This investment aligns perfectly with our mission to invest in key technologies that can have a transformative impact on gigaton CO2 levels, furthering our commitment to combatting climate change.”
Read the orginal article: https://siliconcanals.com/news/startups/munichs-phelas-secures-4-1m/
