Storage company Kraftblock raises €20m in Series B financing
German high-temperate energy storage system company Kraftblock has raised €20 million in a Series B financing round.
The new investors are: Shell Ventures, the venture capital arm of the global energy company Shell; Finindus, a Belgian venture capital investment company funded by global steel producer ArcelorMittal and the Flemish Region; US-based Moore Strategic Ventures; A&G Energy Transition Tech Fund, the VC arm of A&G, an independent private bank in Spain; TechEnergy Ventures, the Techint Group’s fund focused on energy transition technologies; and Future Industry Ventures, a European fund initiated by Redstone and SBI Holdings.
Kraftblock’s thermal storage technology “time-shifts waste heat or renewable power to replace fossil fuels with green heat up to over 1,300°C (2,500°F)”, a statement said.
Recently, Kraftblock announced a project with PepsiCo and Eneco to build what the company describes as the “world's largest commercial high-temperature storage at a food plant”.
Kraftblock CEO and co-founder Martin Schichtel said: "We have created a great opportunity to pursue our goal of reducing carbon emissions. The past few years, the extreme weather conditions due to climate change have given us a glimpse of the devastating impact it has on the world, and we need to do all we can to stop it.”
Jermaine Saaltink, investment director at Shell Ventures, commented: "As the need for decarbonisation solutions in hard to abate sectors continues to increase, Kraftblock has a pivotal role to play by unlocking a renewable electrification pathway and the increased use of waste heat. Both need credible storage to overcome intermittency. We are excited to be joining the team on their journey as they expand their offering globally."