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[Funding alert] Munich-based phelas Secures €4.1 Million in Seed Funding

Mar 6, 2024 | By Startup Rise EU

Munich-based phelas Secures €4.1 Million in Seed Funding. 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.

Munich-based phelas Secures €4.1 Million in Seed Funding. 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’.

It 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.

Read also - Copenhagen-based Meo Raises €1.67 Million in Funding

Couled 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 it 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.

Sharon Shacham Co-founder and Managing Partner at E44 Ventures said, “Our investment in phelas reflects our strong belief in the important potential of long-term energy storage, 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.”

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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. It will work closely with the industry and leverage expertise from Chemical Engineering Sector Engineering Procurement and Construction (EPC) companies.

CEO Justin Scholz of phelas shares the core vision: “Making 100% renewable energy globally a no-brainer. They started phelas to make this vision reality and enable their customers build the renewable energy system of the future. Renewables + storage must become the cheapest, most sustainable, and most reliable power supply globally.”

About phelas

phelas’ vision is a world where 100% renewable energy is globally a no-brainer. This means 100% renewable energy power supply must be the most profitable, most sustainable and the most reliable way to supply energy.

Read also - San Sebastian-based Multiverse Computing Secures €25 Million in oversubscribed Funding

The missing pieces in this puzzle are long duration energy storage technology and enabling the large-scale integration of renewable energy into the power grid. It 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 and sustainable and easy energy storage.

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