phelas, a pioneer in the energy storage sector, announced a seed financing round of €4.1 million. This investment round is led by E44 Ventures, an Israel-leading climate tech fund, with participation from Axon Partners Group, Deutsche Telekom hub:raum Fund, BNV Partners, other investors and existing angel investors.
Based in Munich, Germany, phelas was established in 2020, focusing on revolutionizing the energy storage sector with the vision of ‘Making 100% renewable energy globally a no-brainer’. 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. Coupled with phelas’ Catalyst service – a unique, software-aided consulting tool assisting utilities and renewable energy developers in making informed, strategic decisions for technology deployment, this dual approach positions phelas as a key innovator in enabling a transition to a fully renewable energy grid, emphasizing profitability, sustainability, and scalability. With this unique approach, phelas was able to win recognition from industry leaders like Ørsted and Wien Energie, to name a few.
This round will be instrumental in scaling up the phelas Liquid Air Energy Storage to Megawatt Scale to deploy the systems in the EU and expand on its industry-leading technology. phelas will work closely with the industry and leverage expertise from Chemical Engineering Sector Engineering Procurement and Construction (EPC) companies.
CEO Justin Scholz of phelas shared the core vision: “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.”
E44’s investment in phelas underscores its commitment to supporting startups that are at the forefront of the energy sector’s transformation.
“Our investment in phelas reflects our strong belief in the important potential of long-term energy storage,” said 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.”
Deutsche Telekom hub:raum Fund sees phelas’ technology as a promising component for further exploration in ensuring network reliability and resilience in the telecommunications sector, aligning with their vision of a 100% renewable and secure communication network.
“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 the potential to shape a brighter future for sustainable energy solutions,” commented Gabriela Brodzińska-Drozd, Investment Manager at Deutsche Telekom hub:raum Fund.
phelas is committed to a future where 100% renewable energy is not only the norm but also the most profitable, sustainable, and reliable energy supply method. phelas’ Aurora long-duration energy storage system and Catalyst service are at the heart of this vision, contributing significantly to the large-scale integration of renewable energy into the power grid and marking a decisive step away from fossil fuels.
Read the orginal article: https://www.eu-startups.com/2024/03/munich-based-phelas-snaps-e4-1-million-to-spread-renewable-energy-storage-around-europe/
