📝 Exergy3 raises $12.1M

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Exergy3 has raised $12.1 million in Seed funding to scale its thermal energy storage technology, which converts surplus renewable power into ultra-high temperature industrial heat. Led by Axeleo Capital with support from Bayern Kapital and Kibo Invest, the spinout from the University of Edinburgh addresses the "costly paradox" of grid curtailment by storing negative-priced electricity as heat up to 1,200°C. The company plans to use the capital to double its headcount and open a new office in Munich this quarter, targeting the massive European industrial sector that currently accounts for over 20% of global energy consumption.

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