Norwegian Startup Photoncycle Raises €15 Million for Energy Storage Expansion
Photoncycle, an Oslo-based climate-tech company, has successfully raised €15 million in a Series A funding round. The company, led by founder and CEO Bjorn Brandtzaeg, specializes in a year-round solar energy system designed to provide both heating and electricity. This innovative technology allows households to store excess solar energy generated in the summer for use during the winter months.
Investment Details
The funding round was led by NordicNinja and Voima Ventures. Other participants included Lifeline Ventures, Eviny Ventures, Luminar Ventures, and Momentum. These investors are supporting Photoncycle's mission to enhance energy resilience by reducing reliance on fossil fuels and lowering energy costs for consumers.
Use of Funds
Photoncycle plans to utilize the new capital to expand its commercial operations in Denmark and the Netherlands. Part of the funding will also be allocated to the initial phase of an industrialization strategy, which includes the construction of a manufacturing facility with an annual storage capacity of 1.4 TWh. This capacity is sufficient to power approximately 140,000 homes.
"Europe is beginning to solve short-duration storage. The remaining gap is seasonal," explained Bjorn Brandtzaeg. "If households can store cheap solar-powered summer energy for winter use, they reduce exposure to imported fuel and price volatility."
Strategic Goals
Photoncycle aims to roll out its energy storage system using a subscription model. This model will encompass rooftop solar panels, a 10,000 kWh seasonal energy storage capacity, and comprehensive servicing. Beyond Europe, the company is eyeing opportunities to introduce similar storage solutions in Asia and the United States.
NordicNinja's co-founder Tomosaku Sohara commented on the investment, stating, "From our perspective of bridging Japanese capital and European startup expertise, we strongly believe energy sovereignty must be strengthened across both Europe and Asia."
Future Prospects
With this new injection of funds, Photoncycle is well-positioned to tackle the challenges of seasonal energy storage and contribute significantly to Europe's clean energy goals. By enabling households to store energy across seasons, Photoncycle addresses key issues of energy independence and cost stability in an increasingly volatile energy market.