TheStorage raises €3.6M to scale industrial thermal energy storage

Cleantech company TheStorage, which develops industrial thermal energy storage solutions, has closed a €3.6 million seed funding round. The round was led by Voima Ventures, with participation from existing investors Superhero Capital and 2C Ventures, alongside new investor Momentum.

The company is focused on addressing one of the most emissions-intensive and challenging areas to decarbonise: industrial heat production. Its thermal energy storage technology stores energy in sand, enabling industrial companies to electrify heat processes, integrate renewable energy sources, and optimise energy use based on electricity market prices. This approach can significantly reduce both energy costs and emissions compared to fossil-based systems.

Currently, the majority of industrial heat is still generated using fossil fuels, while the increasing availability of renewable energy and volatility in fossil fuel markets are driving demand for more flexible and cost-effective alternatives. By storing energy and releasing it when needed, TheStorage’s system helps overcome the intermittency of renewables and supports a more stable and economically viable transition to low-carbon energy.

The new funding gives us real momentum in commercialising our technology. Interest in thermal energy storage is growing enormously across industry, and our goal is to be the number one choice for companies looking for efficient solutions to manage their energy costs and support their sustainability targets,

said Timo Siukkola, CEO and co-founder of TheStorage.

In addition to reducing costs and emissions, the technology enables industrial operators to respond to fluctuations in electricity prices and participate in grid balancing markets, creating potential new revenue streams while contributing to grid stability. The solution is designed to deliver high efficiency in heat transfer and integrate seamlessly into existing industrial processes without compromising performance.

With the new funding, the company plans to accelerate commercialisation, expand its team, and further develop its technology, aiming to scale its solution globally as industries seek practical pathways to reduce emissions and energy costs.