Delft-based Newton Energy Solutions, a company specialised in thermal storage solutions, announced on Wednesday that it has secured €2.5M from Fair Capital Impact Fund and existing shareholders Carteman Ventures, TNO, and König Metall Group, Newton Energy Solutions.
The company will use the funds to bring NEStore to the market quickly.
Additionally, the company plans to target large residences and utility buildings with high peaks in hot water consumption, such as sports clubs and hotels, where NEStore can offer significant benefits.
The electricity grid is currently facing a significant challenge. Due to the continuous increase in electricity demand and issues of grid congestion (the imbalance between electricity supply and demand), there is an urgent need for innovative solutions to enhance the grid’s resilience and flexibility.
Newton Energy Solutions: Developing new energy storage system
Founded by Pavol Bodis, Martin Mohana, and Laurens van Vliet, Newton Energy Solutions develops and produces a new energy storage system — NEStore, a thermal storage solution also known as a heat battery.
“NEStore is not just a storage system, but a smart energy solution with the potential to transform how we use energy,” says Pavol Bodis, CEO of Newton Energy Solutions.
“Our technology not only reduces peak load but also contributes to a stable electricity grid and accelerates the transition to sustainable energy,” adds Bodis.
According to the Dutch company, NEStore offers a large capacity suitable for typical households, capable of storing 20-30 kWh of thermal energy.
It is designed to complement or replace existing gas boilers in homes or buildings with solar panels, by converting surplus electricity into heat for later use.
Additionally, NEStore can automatically switch to a gas boiler when sustainable energy is insufficient.
The company says the integration of NEStore with heat pumps is expected to provide an effective solution due to the heat pump’s high COP and NEStore’s storage capacity.
The investor
Fair Capital Impact Fund invests growth capital in young companies that contribute to a sustainable world with a focus on the transition to sustainable energy, a circular economy, or the protein transition.
Michelle de Rijk, Impact Investor at Fair Capital Impact Fund, says, “The energy transition requires innovative solutions that make natural gas obsolete. The NEStore provides compact energy storage with minimal heat loss, functioning like a battery. It sustainably heats water in commercial buildings and homes. Therefore, the investment aligns well with our impact fund.”
Stefan Wolff from König Metall Group adds, “With the 2030 Agenda, the global community has set itself the goal of implementing the energy transition by 2030 and, at the same time, experts assume that global energy demand will increase dramatically by then. Politics, business, and society are called upon more than ever to make their contribution.”
“In Newton Energy Solutions, we have a partner who shares our vision of a future-oriented energy system. Together, we are shaping the CO2-neutral use of electricity and heat and have nothing less in mind than to revolutionise the possibilities of energy storage,“ adds Wolff.
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