TheStorage, a cleantech company building industrial thermal energy storage, today announced it has raised €3.6 million in seed funding. The round was led by Voima Ventures, with participation from existing investors Superhero Capital and 2C Ventures, alongside new investor Momentum Partners.
With TheStorage’s unique thermal energy storage, industrial companies can switch to renewable energy sources in their heat processes and take advantage of favourable electricity spot prices. The technology electrifies one of the largest and hardest-to-solve sources of emissions worldwide, heat production, by storing energy in sand. The company’s unique sand-in-motion technology can reduce industrial energy costs by up to 70 per cent and emissions by up to 90 per cent compared to fossil-based heat production.
“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.
“TheStorage operates at the centre of two major transitions. The company helps industry reduce emissions while making renewable energy usage more reliable and economically viable. This is exactly the kind of deep tech opportunity we look for at Voima Ventures. TheStorage has a winning solution that delivers clear value to customers. The technology is highly relevant from a climate perspective and has excellent potential to scale globally,” said Pontus Stråhlman, Partner at Voima Ventures.
Currently, 80 per cent of industrial heat is still generated using fossil fuels. The growing availability of renewable energy combined with exceptional volatility in fossil fuel markets driven by the ongoing energy crisis has increased demand for cost-effective thermal energy storage solutions. The transition away from fossil fuels has been difficult for industry due to the intermittent nature of renewable energy. TheStorage has solved this challenge in a way that makes the green transition economically viable.
“Now there is no reason for industry to keep using fossil fuels,” said Siukkola.
In addition to cost savings, TheStorage’s solution opens up reserve market participation for industrial companies, generating additional revenue while contributing to grid stability.
“One fifth of global energy consumption comes from industrial heat production, and hot steam is essential across virtually every industrial sector. We offer the best heat transfer solution on the market – up to ten times more efficient than competitors’ static alternatives,” said Siukkola.
Bolstered by the new funding, TheStorage will focus on broader commercialisation and recruiting key talent.
“Our goal is to double our team by the end of 2026, so skilled professionals are welcome to apply right away,” Siukkola said.
TheStorage’s pilot facility was commissioned for industrial testing at Nokian Panimo, Finland’s second largest craft brewery, in February, where it produces steam for the brewery’s production processes.
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Additional information:
Timo Siukkola
Co-Founder & CEO
timo@thestorage.fi
+358 40 542 7949
