TheStorage raises €3.6M to scale industrial thermal energy storage

Cleantech company
TheStorage, which develops industrial thermal energy storage solutions, has closed
a €3.6 million seed funding round. The round was led by Voima Ventures, with
participation from existing investors Superhero Capital and 2C Ventures,
alongside new investor Momentum.

The company is focused on
addressing one of the most emissions-intensive and challenging areas to
decarbonise: industrial heat production. Its thermal energy storage technology
stores energy in sand, enabling industrial companies to electrify heat processes,
integrate renewable energy sources, and optimise energy use based on
electricity market prices. This approach can significantly reduce both energy
costs and emissions compared to fossil-based systems.

Currently, the majority of
industrial heat is still generated using fossil fuels, while the increasing
availability of renewable energy and volatility in fossil fuel markets are
driving demand for more flexible and cost-effective alternatives. By storing
energy and releasing it when needed, TheStorage’s system helps overcome the
intermittency of renewables and supports a more stable and economically viable
transition to low-carbon energy.

The new funding gives us
real momentum in commercialising our technology. Interest in thermal energy
storage is growing enormously across industry, and our goal is to be the number
one choice for companies looking for efficient solutions to manage their energy
costs and support their sustainability targets,

said Timo Siukkola, CEO
and co-founder of TheStorage.

In addition to reducing
costs and emissions, the technology enables industrial operators to respond to
fluctuations in electricity prices and participate in grid balancing markets,
creating potential new revenue streams while contributing to grid stability.
The solution is designed to deliver high efficiency in heat transfer and
integrate seamlessly into existing industrial processes without compromising
performance.

With the new funding, the company plans to accelerate
commercialisation, expand its team, and further develop its technology, aiming
to scale its solution globally as industries seek practical pathways to reduce
emissions and energy costs.