Solar energy storage firm Photoncycle raises funds for market launch – Renewables Now

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Photoncycle, a Norwegian company developing technology that enables storing surplus electricity from rooftop solar installations, announced it has raised EUR 5 million (USD 5.41m) from a group of Nordic venture capital firms.

“This venture funding enables us to pilot our groundbreaking renewable energy system and prepare for market launch in Europe,” CEO and founder Bjorn Brandtzaeg noted in a recent statement.

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Photoncycle develops residential renewable energy systems powered by the sun with long-term seasonal storage using an electrolyser. Its technology produces and converts green hydrogen and stores it in a solid form, thus allowing for months-long storage.

Founded in 2020, the company already has a functioning prototype of its core technology at its lab in Oslo. A full-scale pilot will be developed this year and the first product is expected to be launched in the residential household market in 2025, according to the company’s website.

The fundraising transaction was led by Lifeline Ventures and backed by Luminar Ventures, Momentum Partners and the venture arm of Norwegian power company Eviny.

(EUR 1 = USD 1.082)

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