Finnish Climate Tech Startup Heats Up Industrial Decarbonization

Team S · 2024-10-22T09:57:56.000Z

Finnish startup TheStorage has secured €1 million in funding to tackle one of the most pressing challenges in the global green transition: decarbonizing industrial heat. This investment round, led by 2C Ventures and Superhero Capital, marks a pivotal moment in the quest for sustainable industrial processes. TheStorage's innovative sand-based thermal energy storage technology offers a game-changing solution for industrial heat production, which currently accounts for a staggering 30% of global greenhouse gas emissions. By providing a cost-efficient and fossil-free alternative, the company aims to revolutionize how industries consume and store energy. The €1 million investment is backed by two notable venture capital firms: 2C Ventures Leading the investment round, 2C Ventures has shown strong confidence in TheStorage's potential. Hendrik Reimand, a partner at 2C Ventures, emphasized the critical nature of TheStorage's technology in addressing one of the largest challenges in the green transition. Superhero Capital Based in Helsinki, Superhero Capital brings its expertise in early-stage investments to the table. Founded in 2015, the firm manages four early-stage funds and focuses on seed investments in Finland and the Baltics. Jussi Pyörre, a partner at Superhero Capital, expressed enthusiasm about the investment, describing TheStorage's technology as a "game-changing innovation." The startup's technology allows industries to harness abundant renewable energy sources like wind and solar when they're plentiful and inexpensive, storing it as heat for later use. This approach not only significantly reduces carbon footprints but also offers substantial cost savings for companies, creating a win-win situation for both the environment and the bottom line. What sets TheStorage apart is its scalability and versatility. The company envisions large-scale Combined Heat and Power (CHP) storage units that can supply both electricity and heat to industrial users and district heating systems. By repurposing existing steam turbines once powered by fossil fuels, TheStorage enables a smooth transition to fossil-free energy production while making use of current infrastructure.

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Finnish Climate Tech Startup Heats Up Industrial Decarbonization | Newnex