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Clean heat technology company Exergy3 has announced the successful closure of a £1 million pre-seed funding round for its novel ultra-high temperature thermal energy storage system.
The round was led by Zero Carbon Capital with participation from existing investors Old College Capital (OCC) – the University of Edinburgh's in-house venture investment fund, and Scottish Enterprise.
Exergy3, which span out from the University 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.
Dr Markus Rondé, CEO of Exergy3, said:
“We are excited to have the support of such esteemed impact investors as Zero Carbon Capital, OCC, 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: advancing market research, expanding the team and strengthening its partnerships across the energy sector.
OCC invested from its OCC Ventures initiative, following previous support from Launch 50 when the company span out. OCC Launch 50 and 20 initiatives help founders explore, experiment and build traction by investing at the earliest stages, which can act as a catalyst, building confidence for the University’s entrepreneurs and investment partners.
Andrea Young, Head of Investment at OCC, said:
“OCC is proud to follow-on our existing investment in Exergy3, a company based on over 10 years of R&D from the University of Edinburgh and with the potential to offer significant decarbonisation benefits. We are excited to continue to support the company as it accelerates towards commercialisation.”
Alex Gawley, Founder and General Partner of Zero Carbon Capital, said:
“Exergy3’s innovative approach to thermal energy storage aligns perfectly with our commitment to investing in groundbreaking technologies that have the potential to significantly impact carbon reduction efforts globally.”
Exergy3’s technology was invented by Dr Adam Robinson of the University’s School of Engineering, now chief scientific officer at the company. The company received £3.6 million last year from the UK Government’s Department for Energy Security & Net Zero for a trial at Annandale whisky distillery in Scotland.
