Phelas has specialized in developing a liquid air energy storage technology tailored to integration with renewable energy sources. The so-called Aurora long-term energy storage is designed to advance the energy transition. For this purpose, it provides electricity generated from renewable sources on a decentralized basis and makes it available around the clock. Furthermore, the startup offers a software-based consulting tool with its Catalyst service that helps energy suppliers and renewable energy developers make decisions on technology deployment.
The Munich-based startup has now successfully completed its seed financing and secured 4.1 million euros. The round is led by Israeli climate tech fund E44 Ventures. Axon Partners Group, Deutsche Telekom Hubraum, BNV Partners, and other unnamed investors also participated in the financing.
Sharon Shacham, co-founder and managing partner at E44 Ventures, explains:
“Our investment in Phelas reflects our strong belief in the tremendous 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. We are confident that Phelas, with its dedicated team of experts, will make significant advances in this field that will enable broad adoption of renewable energy and drive forward the clean energy transition. This investment aligns perfectly with our mission to invest in key technologies that can have transformative impact on CO2 in the gigaton range, thereby supporting our commitment to combating climate change.”
“Phelas is a pioneer in reshaping energy storage systems”
Gabriela Brodzińska-Drozd, investment manager at Deutsche Telekom Hubraum, adds:
“Phelas is a pioneer in reshaping energy storage systems. With its groundbreaking approach, Phelas is changing the way energy is stored and managed, and advancing more efficient use of renewable energy. Phelas has the potential to shape a better future for sustainable energy solutions.”
The funding from the financing round will be used to further develop the Munich-based company’s technology and scale the liquid air storage to the megawatt range. The EU-wide deployment of the solution is also to be promoted.
Phelas CEO Justin Scholz says:
“Enabling 100 percent renewable energy worldwide is a foregone conclusion. We founded Phelas to make this vision a reality and to enable our customers to build the renewable energy system of the future. Renewable energy and storage must become the world’s cheapest, most sustainable, and most reliable energy supply.”
