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Build to Zero receives €2.5 million investment from Axon Partners Group and Digital Five Investment to decarbonise industrial heat

  • The investment will help accelerate the implementation of Build to Zero’s technology, helping to replace fossil fuels in industry with renewable energy.
  • Build to Zero is a Seville-based company that develops thermal energy storage solutions for industrial decarbonisation.

Seville, September 2023. Seville-based climate technology company Build to Zero has closed a seed round that will accelerate the implementation of its thermal energy storage technology to decarbonise industrial heat and help reduce greenhouse gas emissions in the sector. The round was led by Axon Partners Group with participation from Digital Five Investment.

The industrial sector is the world’s largest emitter of greenhouse gases, accounting for around 30% of total emissions, more than other sectors such as transport or power generation. It is estimated that more than 72% of these emissions come from process heat production. This is because industrial heat production is mainly based on fossil fuels such as natural gas, oil, or coal.

Build to Zero has developed a technology called ThermalBox® that allows heat to be generated from electricity during peak renewable generation hours and stored to provide emission-free process heat on a 24/7 basis. Build to Zero’s long-term energy storage solutions enable the coupling of variable renewable energy with constant industrial energy demand, reducing the industrial sector’s reliance on fossil fuels and decarbonising low and medium-temperature industrial processes. Globally, these low and medium-temperature processes are estimated to consume around 11,300 TWh per year. Build to Zero’s innovative approach will position the company as a key player in the industrial transition to renewable energy, facilitating the path to a net-zero emissions future.

The Build to Zero team combines technical and commercial expertise and includes professionals with extensive experience in the renewable energy industry and energy storage. The team led by Joaquín Coronado, who has spent his career in companies such as EDP, PwC and Redexis and as a promoter of energy start-ups, and Miguel Méndez, who headed the Hybridisation and Thermal Storage Solutions team at Abengoa until 2002, brings together professionals with over 100 years of combined experience in the development and implementation of energy projects worldwide, having been responsible for most of the thermal storage projects in operation today.

Build to Zero is an innovative and industry-leading company that will enable us to capitalise on the opportunities presented by the high-growth market of industrial decarbonisation. The founding team combines world-class technical expertise in thermal energy storage technologies with a long track record of success in leading global renewable energy companies. ´
Macarena Gonzalez, Senior Manager at Axon Partners Group, comments.

The scale of the opportunity is huge. Decarbonising industrial heat is not only one of the most pressing problems to be solved in the energy transition, it is also a market that currently has no product. We believe Build to Zero’s technology can effectively fill this gap.
Luis Castañeda, Partner at Axon Partners Group, comments.

The investment of Axon’s funds in Build to Zero will help the company achieve its strategic objectives, develop as a business and accelerate the adoption of its ThermalBox® technology in the industry.
Joaquin Coronado, Chairman of Build to Zero, comments.

About Axon:

Axon is a global firm focused on technology and innovation with a two-dimensional approach: investment and consulting. The company has circa 90 seasoned professionals covering Europe, Americas and MENA, and is listed in the Madrid Stock Exchange [BME: APG].

About Build to Zero:

Build to Zero is a Seville-based climate technology company specialising in thermal energy storage technology for the decarbonisation of industrial heat.