German climate tech firm Kraftbock has raised a Series B funding round of €20 million in a round which includes Shell Ventures, Finindus, Moore Strategic Ventures, A&G Energy Transition Tech Fund, TechEnergy Ventures and Future Industry Ventures.
Kraftblock, founded in 2014 by chemist Dr. Martin Schichtel and economist Dr. Susanne König provides sustainable thermal storage technology to many industries - enabling the decarbonisation of processes in the energy sector and 'any industries from food to chemicals, paper, ceramic and steel'.
This latest bout of funding will fuel the company's 'visibility around the globe'. "We specifically chose investors who have their roots in industries such as food, steel and energy and who will help us to consolidate our leading market position," says CEO Schichtel.
Kraftblock says the partners are 'creating new opportunities in the US market and providing access to industries such as mining and energy in Latin America'.
“Where industrial processes require more than 60% of their energy in the form of heat, Kraftblock’s solutions will be game changers in ensuring cost effective and net zero heat energy availability," says Hans Maenhout, Investment Director at Finindus.