Phelas is developing an energy storage system that operates with liquefied air. This will enable electricity generated from renewable sources to be stored sustainably and decentrally, and available around the clock. The Munich-based startup has now secured pre-seed financing of €600,000 as well as funding. Investors include business angels from the Baystartupinvestor network. Venture Forum Neckar Contacts with investors were established.
Phelas' solution is based on a proprietary air liquefaction technology. It is designed to enable the future use of solar and wind power even when the sun isn't shining, the wind isn't blowing, and nuclear or fossil-fuel power plants aren't available. Justin Scholz, Co-Founder of Phelas, explains:
"The energy transition is in full swing. Our goal is to make it a self-sustaining process worldwide. This will only succeed if renewable energies become both the most economical and reliable energy supply option. To achieve this, it is becoming increasingly important to be able to store large quantities of energy cheaply and sustainably. Our energy storage technology can make an important contribution to this."
“Competitive even in the early production phase”
And Leon Haupt, Co-Founder of Phelas, adds:
"The electricity generation costs of renewable energies are currently below 1 eurocent/kWh. Therefore, the challenge in the future will be more about the cost-effective provision of energy than its efficient storage. The design of our solution enables particularly cost-effective energy storage projects below 200 euros/kWh, based on the total project costs including on-site installation, with a discharge time of over 4 hours. This makes it competitive with currently available lithium-ion and vanadium redox flow battery technologies even in the early production phase."
With the capital raised, the founding team now wants to further develop the technology, advance the construction of the proof of concept and win the first customers as partners.
537 billion euro market for stationary energy storage
From the investor side, Thomas Bodmer, Investor from the Baystartup investor network:
"The international growth prospects for Phelas' energy storage system are phenomenal. Bloomberg NEF forecasts a €537 billion market for stationary energy storage by 2040 as the energy sector decarbonizes."
