Finland’s Polar Night Energy has secured €7.6 million ($8.2 million) in seed funding.
The startup, known for its thermal energy sand-based storage systems, says the investment will be used for accelerating towards power-to-heat-to-power readiness, as well as growth in its sales and R&D teams.
It adds the funding will play a crucial role in establishing itself as the leading global provider of large-scale thermal energy storage solutions.
The investment round was led by Jonathan Oppenheimer, a South African businessman who has been appointed to Polar Night Energy’s Board of Directors. Funds were also secured from Finnish investment companies Stephen Industries, Holdix and Turret, and Swedish investment company PC Rettig & Co. Impact, alongside a group of existing investors.
“We're thrilled with the results of this round, especially given the current challenges in the financing environment,” said Polar Night Energy’s Co-Founder Markku Ylönen. “We're excited to enter a new phase of growth and innovation”.
Polar Night Energy’s sand battery works as a high-power, high-capacity reservoir for excess wind and solar energy, storing energy in sand as heat.
Last month, Polar Night Energy announced construction of an industrial-scale thermal energy storage system in southern Finland. Last December, it announced a partnership with Nordic energy company Ilmatar to develop its sand battery with power-to-heat-to-power capabilities.
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