Phelas, a Munich-based innovator in the energy storage sector, has successfully raised €4.1M in a seed funding round. The investment was led by E44 Ventures, an Israeli climate tech fund, with additional support from Axon Partners Group, Deutsche Telekom hub:raum Fund, BNV Partners, other investors, and existing angel investors.
The funding will be utilized to scale Phelas’ Liquid Air Energy Storage technology to megawatt scale and deploy systems across the EU. The company plans to collaborate closely with the industry and leverage expertise from Chemical Engineering Sector Engineering Procurement and Construction (EPC) companies.
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Pioneering in Energy Storage
Founded in 2020, the german startup is developing Aurora, a modularized and scalable energy storage system based on a new proprietary air liquefaction and thermal management process. This innovative approach aims to achieve low-cost, scalable, sustainable, and easy energy storage solutions. Phelas has been working with customers to accelerate energy storage deployment through Catalyst, its strategic energy asset planning solution.
Vision for Renewable Energy
CEO Justin Scholz shared the company’s core vision, stating, “Making 100 percent renewable energy globally a no-brainer. We started Phelas to make this vision reality and enable our customers to build the renewable energy system of the future. Renewables + storage must become the cheapest, most sustainable, and most reliable power supply globally.”
Investor Confidence
E44 Ventures, based out of Tel Aviv, builds and invests in companies addressing humanity’s most critical climate challenges, focusing on energy, decarbonization, synthetic biology, and agriculture. Sharon Shacham, Co-founder and Managing Partner at E44 Ventures, expressed excitement about partnering with Phelas, highlighting the 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,” Shacham said.
With this seed funding, the startup is set to further its mission of revolutionizing the energy storage sector, enabling the widespread adoption of renewable energy and propelling the clean energy revolution forward.
