University of Edinburgh spin-out raises £1 million pre-seed funding (Copy)
Exergy3 has closed a £1m pre-seed funding round for its ultra-high temperature thermal energy storage system.
The round was led by Zero Carbon Capital, with participation from existing investors Old College Capital and Scottish Enterprise.
The fledgling business, which span out from the University of Edinburgh last year, offers modular thermal energy storage systems that convert green electricity into heat, which is then stored at temperatures of up to 1,300°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 as well as help to reduce their energy bills.