Photoncycle Raises €15M to Expand Seasonal Energy Storage Solutions in Europe
Norwegian startup Photoncycle has secured €15 million in Series A funding to enhance seasonal energy storage in Europe. The funding, led by NordicNinja and Voima Ventures, supports the development of solid-state hydrogen energy storage systems that convert surplus summer solar power into underground stored hydrogen for winter use. The initiative aims to reduce dependence on imported fossil fuels, particularly natural gas, which accounts for a significant portion of household energy consumption. Photoncycle plans to implement its technology in Denmark and the Netherlands, targeting a manufacturing facility capable of servicing 140,000 homes.
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Photoncycle has raised €15 million in Series A funding to develop solid-state hydrogen energy storage systems, addressing Europe's challenge of storing excess summer solar energy for winter use. Led by NordicNinja and Voima Ventures, the funding will support commercial rollout in Denmark and the Netherlands and the establishment of a 1.4 TWh manufacturing facility.
This facility aims to provide seasonal storage for approximately 140,000 homes, reducing reliance on natural gas during winter. The technology converts surplus solar power into underground stored hydrogen, which can be used for heating and electricity. The company also explores expansion into Japan and the United States.
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