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Phelas raises €4.1 million in funding from a group of investors led by E44 Ventures and joined by Axon Partners Group, Deutsche Telekom and other investors.

Phelas, a pioneer in the field of energy storage, has recently raised €4.1 million in seed funding. The round is led by E44 Ventures, a leading Israeli climate technology fund, Axon Partners Group, Deutsche Telekom Hub:raum Fund, BNV Partners and other leading venture and angel investors.

Headquartered in Munich, Germany, phelas was founded in 2020 with the aim of revolutionising the energy storage sector and the vision of “enabling a 100% renewable energy mix”. phelas specialises in developing a long-life energy storage technology called Aurora, based on the liquid air concept, which is modular, scalable and designed for integration with renewable energy sources.

This round will help to further develop phelas’ energy storage technology and deploy it in the EU. The company will collaborate closely with industry and leverage the expertise of engineering and construction (EPC) companies in the chemical engineering sector.

Phelas has developed its Catalyst service, a software-assisted consulting tool that helps energy companies and renewable energy project developers make data-driven strategic decisions to deploy storage technologies. This, in addition to its Aurora technology, has positioned phelas as a key player in the transition to a fully renewable energy grid, with a focus on cost-effectiveness, sustainability and scalability. This distinctive approach has allowed the company to receive recognition from industry leaders like Ørsted and Wien Energie, among others.

Phelas is dedicated to a future where 100% renewable energy is not only the norm but also the most cost-effective, sustainable, and reliable form of energy. The Aurora long-term energy storage system and Phelas’ Catalyst service are at the core of this vision, making a significant contribution to the large-scale integration of renewables into the grid and marking a decisive step away from fossil fuels.

Justin Scholz, founder and CEO of Phelas, comments: `Achieving 100% renewable energy worldwide is an absolute no-brainer. Phelas was founded to realise this vision and enable our customers to build the renewable energy system of the future. Renewables and storage must become the world’s cheapest, most sustainable, and reliable electricity supply.´

Joel Lopez, Investment Manager at Axon, comments: `storage, particularly long-term storage, is crucial for ensuring a renewable, reliable, secure, and cost-efficient electricity system. We believe that Phelas’ Aurora technology is a strong candidate to contribute to the energy mix in the coming years and to the reduction of greenhouse gas emissions´

Sharon Shacham, co-founder and managing partner of E44 Ventures, also comments: ´E44’s investment in Phelas demonstrates our commitment to supporting start-ups leading the energy transformation. Our investment also reflects our belief in the potential of long-life energy storage. We are pleased to partner with Phelas and support their mission to develop innovative, scalable, and sustainable energy storage solutions. With its team of experts, we are confident that it will drive advances in this field, enabling the adoption of renewable energy and driving the clean energy revolution. This investment aligns perfectly with our mission to invest in key technologies that can have a transformative impact on CO2 levels, driving our commitment to combat climate change.´

Deutsche Telekom hub:raum Fund believes that phelas technology is promising and should be further explored to ensure network reliability and resilience in the telecommunications sector. This is in line with its vision of a 100% renewable and secure communications network. Gabriela Brodzińska-Drozd, Investment Director at Deutsche Telekom hubraum Fund, comments: `phelas is leading the transformation of energy storage systems.” Phelas is reshaping the way energy is stored and managed, and driving more efficient use of renewable energy with its pioneering approach. It has the potential to shape a brighter future for sustainable energy solutions.´

About phelas: Phelas is a Munich-based company with a vision to achieve a 100% renewable energy system. To achieve this goal, Phelas has developed a patented energy storage system that is modular, mass-produced, cost-efficient, and safe. Additionally, Phelas has developed the ‘Catalyst’ strategic storage asset planning tool, which quantifies the risk and profitability of storage projects. Phelas is committed to contributing to building a future where fossil fuels are not burned.

About Axon: Axon is a global company focused on technology and innovation with a two-dimensional approach: investment and consulting. It has established itself as a leader in identifying high-impact investments that promote energy transition and sustainability in the utility technology sector and energy efficiency-related technologies. Axon manages more than EUR 120 million in assets dedicated exclusively to this strategy. The company has around 90 experienced professionals covering Europe, the Americas and MENA. It is listed on the Madrid Stock Exchange [BME: APG] and manages capital of €685 million.