Prior to this, in 2021, the company raised €2M in a Seed round of funding led by Norwegian family-owned investment company Valinor.
The round saw participation from Azolla Ventures, the Norwegian State Climate investment company Nysnø, and Shell Ventures.
“Heaten has developed breakthrough technology that brings high-temperature industrial heat pumps to market at an essential moment for the climate,” says Amy Duffuor, General Partner at Azolla Ventures.
About 65 per cent of CO2 emissions from processes in industry come from the combustion of fossil fuel. According to McKinsey, electrifying industrial heating processes is the most important decarbonisation lever.
Jean Baptiste Curien, Investment Manager at Nysnø, adds, “The value of Heaten’s product is two-folded. First, it valorises a gigantic energy resource – industrial waste heat – and second, it allows for the electrification of heat supply to heavy industrial sectors globally. Heaten’s products have the potential for reducing our greenhouse gas emissions where it is the hardest to do so. By investing in Heaten, we want to catalyse the deep decarbonisation effort of industrial sectors.”
The company claims that the proceeds from this round will help it to bring the first high-temperature heat pumps to industrial customers and as well as support Heaten’s product commercialisation strategy.
Peter Paul Breithaupt, Heaten’s CEO, says, “We are proud to add these respected partners to our investor base and we welcome their long term commitment to Heaten’s success. We share the vision that heat pumps will play a critical role in providing heating energy for industry. Our rapidly scalable, very high-temperature heat pump technology will allow our customers to accelerate the transition to clean, reliable, and efficient industrial heating processes.”
The next step for Heaten is to demonstrate the technology at full scale and in real conditions at a client site. The company’s system has been designed to be modular and able to handle industrial heat demand at several MW scale and up to 165°C.
Transitioning to clean and efficient industrial heating processes
Founded in 2020 by Harald Nes Risla and Geir Robstad, Heaten claims to own the leading industrial very-high-temperature heat pump (VHTHP) technology – the ‘HeatBooster’ – and has an 8-year R&D history covering heat-to-power (organic Rankine cycles, ORCs) and power-to-heat machines, VHTHPs.
Its technology utilises waste heat, increases energy efficiency, and enables a reduction in greenhouse gas emissions in heavy industry sectors such as food, plastic, pulp and paper, breweries, and drying processes, by replacing fossil-fueled heat supply.
The company has delivered process temperatures up to 165 °C with its current technology and is preparing to take this even further up to 300 – 400 ˚C over the next few years.
However, for the initial period, Heaten will prioritise megawatt-sized heat pumps using the current, proven technology platform, by scaling up the products’ output heat capacity. This will be done in collaboration with AVL Schrick.
The company is looking at additional growth markets such as hydrogen production, carbon capture and data centres.