Denmark’s Hyme Energy secures €8M for industrial-scale energy storage development

Hyme Energy, a Copenhagen-based energy storage startup, has secured additional funding totaling EUR 8 million from existing shareholders, including Heartland A/S, Nordic Makers, North-East Ventures, and new investor VÅR ventures. The company specializes in energy storage technology and has made substantial progress since its founding in 2021, having developed its technology to the pilot stage, secured grants for demonstration projects, established global customer relationships, and built a strong team. The funding will primarily be used to commission and operate an industrial-scale pilot plant in Denmark, further develop their technology and products, and prepare for full market entry, aiming to showcase the potential of their energy solutions within the industrial sector in the upcoming year.

Hyme raised €10.4 million when it was founded in November 2021 and has since made tremendous progress. The company has matured its technology to pilot stage, secured grants for another €10 million for Hyme and its partners in two demonstration projects, established strong relationships with potential industrial and utility customers globally, and built a world-class team of global talents.

“This new funding is an acknowledgment from current and new investors on the impressive progress Hyme has made in just two years since founding. The investment will enable us to keep a rapid pace on our mission to decarbonize industries and the energy sector,” says Ask Emil Løvschall-Jensen, CEO and co-founder.

The financing will be used to reach important milestones in the coming year. One of them is the commissioning and operation of an industrial scale pilot plant currently under construction in Esbjerg, Denmark. Additionally, the company will focus on maintaining the pace of its technology and product development while getting ready for full market entry.

“The next year will be pivotal to Hyme, as we show the true potential of our technology in our first plant and lay the full groundwork for commercial success in the coming years,” adds Ask Emil Løvschall-Jensen. “I am grateful to our team and to all our partners and supporters, who have all played an important part in getting us this far.”

With the close Hyme, will focus on development and commercial dialogues and will initiate fundraising dialogues again early summer 2024 with the pilot in operation to finance full market entry.

Originally published on ArcticStartup : Original article

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