Clean heat tech startup Exergy3 has announced the successful closure of a £1 million pre-seed funding round for its novel decarbonisation technology.
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Exergy3, which span out from Scotland’s University of Edinburgh last year, offers modular thermal energy storage systems that convert green electricity into heat, which is then stored at ultra-high temperatures of up to 1300°C.
With around half of greenhouse gas emissions worldwide coming from high temperature processes, used in many industries from food and drink to district heating networks and combined heat and power plants, being able to store energy at high temperatures in an efficient, cost-effective way could be a game-changer in the journey to net zero emissions.
Exergy3 CEO Dr Markus Rondé said, “We are excited to have the support of such esteemed impact investors as Zero Carbon Capital, Old College Capital, and Scottish Enterprise. This funding will enable us to accelerate the commercialisation of our technology, expand our market research, and continue to drive innovation in the clean heat sector.
“Our mission is to provide a practical and affordable pathway towards decarbonising heat, and this investment is a significant step forward in achieving that goal.”
The funds raised will be used to scale up the company by advancing market research, expanding the team, and strengthening its partnerships across the energy sector.
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Zero Carbon Capital founder Alex Gawley said, “Decarbonisation of industrial heat is a huge outstanding challenge in our fight against climate change. Exergy3’s innovative thermal storage system has the characteristics needed to drive down the costs of heat-electrification across a large number of global industries.”
