The company hopes to ‘turn summer sun into winter warmth’ for many households in Europe as another conflict looks set to add more cost to domestic bills across the continent.
Norwegian energy storage company Photoncycle has confirmed €15 million in Series A funding to scale up its solution to disparities between how much renewable power can be produced in hot weather and how much is needed during colder periods.
Commercial rollout of technologies designed to reduce European reliance on imported gas will now begin in Denmark and the Netherlands. Crucially, this does not use lithium-ion batteries, making it suitable for installation in a wide range of scenarios which are unable to utilise the established cell type.
Once operational, the company aims to offer a subscription-based model which would cover adding solar panels to homes, storage costs of that power, servicing deeds and access to energy trading markets where excess production can be sold. At full capacity, the proposed 1.4Twh Photoncycle manufacturing plant could prepped enough storage capacity for 140,000 homes and 10,000 kWh of saved energy.
‘Europe is beginning to solve short-duration storage,’ said Bjørn Brandtzæg, Founder and Chief Executive of Photoncycle. ‘The remaining gap is seasonal. If households can store summer energy for winter use, they reduce exposure to imported fuel and price volatility as well as to increasing grid costs for consumers.’
If successful, the innovation could help more Europeans secure more predictable year round household expenses and be less exposed to volatile energy supply chains. The announcement comes as US and Israeli military action against Iran continues to escalate with huge repercussions across oil and gas markets following a pause in production at the world’s largest liquefied natural gas plant in Qatar and the closure of the Strait of Hormuz, a crucial shipping route for fossil fuels.
Image: Anthony Indraus / Unsplash
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