Phelas specializes in the development of a liquid air energy storage technology tailored for integration with renewable energy sources. The Aurora long-term energy storage system is designed to help advance the energy transition. It stores electricity generated from renewable sources in a decentralized manner and makes it available around the clock. In addition, it offers the startup with its Catalyst service, a software-based advisory tool that helps energy suppliers and renewable energy developers make decisions about technology deployment.
The Munich-based startup has now successfully completed its seed financing, securing €4.1 million. The round is led by the Israeli climate tech fund E44 Ventures. Axon Partners Group, Deutsche Telekom Hubraum, BNV Partners, and other unnamed investors also participated.
Sharon Shacham, Co-Founder and Managing Partner at E44 Ventures, explained:
"Our investment in Phelas reflects our strong belief in the great 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, enabling widespread adoption of renewable energy and driving the clean energy transition. This investment aligns perfectly with our mission to invest in key technologies that can have a transformative impact on gigaton-scale CO2, thus supporting our commitment to combat climate change."
“Phelas is a pioneer in transforming energy storage systems”
Gabriela Brodzińska-Drozd, Investment Manager at Deutsche Telekom displacement, added:
"Phelas is a pioneer in transforming energy storage systems. With its groundbreaking approach, Phelas is changing the way energy is stored and managed and driving more efficient use of renewable energy. Phelas has the potential to shape a better future for sustainable energy solutions."
The money from the financing round will be used to further develop the Munich-based company's technology and scale the liquid air storage system into the megawatt range. The EU-wide deployment of the solution will also be promoted.
Phelas CEO Justin Scholz says:
"Enabling 100 percent renewable energy worldwide is a given. We founded Phelas to make this vision a reality and enable our customers to build the renewable energy system of the future. Renewable energy and storage must become the cheapest, most sustainable, and most reliable energy supply in the world."
