phelas Announces €4.1 Million Seed Financing Round
phelas, a pioneer in the energy storage sector, announced a seed financing round of €4.1 million led by E44 Ventures, with participation from Axon Partners Group, Deutsche Telekom hub:raum Fund, BNV Partners, and existing angel investors.
Munich, Germany – 06.03.2024 – phelas, a pioneer in the energy storage sector, announced today a seed financing round of €4.1 million. This investment round is led by E44 Ventures, an Israel-leading climate tech fund, with participation from Axon Partners Group, Deutsche Telekom hub:raum Fund, BNV Partners, other investors and existing angel investors.
Based in Munich, Germany, phelas was established in 2020, focusing on revolutionizing the energy storage sector with the vision of 'Making 100% renewable energy globally a no-brainer'. phelas specializes in the development of its Aurora long duration energy storage, a proprietary Liquid Air Energy Storage technology that is modular, scalable, and tailored for integrating with renewable energy sources. Coupled with phelas' Catalyst service – a unique, software-aided consulting tool assisting utilities and renewable energy developers in making informed, strategic decisions for technology deployment, this dual approach positions phelas as a key innovator in enabling a transition to a fully renewable energy grid, emphasizing profitability, sustainability, and scalability. With this unique approach, phelas was able to win recognition from industry leaders like Ørsted and Wien Energie, to name a few.
“Our investment in phelas reflects our strong belief in the important 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. With their dedicated team of experts, we are confident that phelas will drive significant advancements in the field, enabling the widespread adoption of renewable energy and propelling the clean energy revolution forward. This investment aligns perfectly with our mission to invest in key technologies that can have a transformative impact on gigaton CO2 levels, furthering our commitment to combatting climate change.”
— Sharon Shacham, Co-founder & Managing Partner, E44 Ventures
Deutsche Telekom hub:raum Fund
Deutsche Telekom hub:raum Fund sees phelas' technology as a promising component for further exploration in ensuring network reliability and resilience in the telecommunications sector, aligning with their vision of a 100% renewable and secure communication network. "phelas is leading the charge in transforming the energy storage system space. With their pioneering approach, phelas is reshaping how energy is stored and managed, as well as drive a more efficient use of renewable energy. phelas has potential to shape a brighter future for sustainable energy solutions." — Gabriela Brodzińska-Drozd, Investment Manager at Deutsche Telekom hub:raum Fund.
Use of Proceeds
This round will be instrumental in scaling up the phelas Liquid Air Energy Storage to Megawatt Scale to deploy the systems in the EU and expand on its industry leading technology. phelas will work closely with the industry and leverage expertise from Chemical Engineering Sector Engineering Procurement and Construction (EPC) companies.
CEO Statement
"Making 100% renewable energy globally a no-brainer. We started phelas to make this vision reality and enable our customers build the renewable energy system of the future. Renewables + storage must become the cheapest, most sustainable, and most reliable power supply globally." — Justin Scholz, CEO of phelas.
About phelas
phelas' vision is a world where 100% renewable energy is globally a no-brainer. This means 100% renewable energy power supply must be the most profitable, most sustainable and the most reliable way to supply energy. The missing pieces in this puzzle are long duration energy storage technology and enabling the large-scale integration of renewable energy into the power grid. phelas is developing Aurora, a modularised and scalable energy storage system based on a new proprietary air liquefaction and thermal management process to achieve low cost, scalable and sustainable and easy energy storage. Furthermore, phelas has been working already with customers to enable faster and increased deployment of energy storage with Catalyst, phelas' strategic energy asset planning solution, to answer the key questions of project risk and profitability for these projects.
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