EnergyNest crowdfunds to boost growth of cost-efficient energy storage
- Cost-efficient energy storage is a challenge for renewable energy growth and utilisation
- Norwegian EnergyNest has developed a novel solution utilising proprietary solid state material, a patented design and advanced in-house simulation tools
- Founded by former NTNU professor, managed by two former McKinsey consultants with hands-on industry experience, chairman is ex Statoil CEO
EnergyNest AS, the Norwegian company making storage of renewable energy cheaper, published its equity crowdfunding campaign today. EnergyNest is raising NOK 5–15 million (EUR 552,000–1,650,000) to boost its growth. The funding round has already secured NOK 2.4 million in investments.
Renewable energy has challenges. The sun doesn't always shine and the wind doesn't always blow. Hence, it is important to be able to store surplus energy on the days when sunshine and wind are plentiful. A lot of energy is wasted since it is produced when there is no demand or due to grid capacity issues. It is also surprisingly hard to store energy on a larger scale, a problem also noted by Bill Gates and his Breakthrough Energy Coalition in February 2016. Much of the difficulty comes down to current energy storage solutions being too complex, too expensive and limited in their lifecycle. EnergyNest has come up with a novel, fully validated solution to address those challenges.
EnergyNest uses a solid state material based energy storage system. The material, called HEATCRETE® was developed in cooperation with HeidelbergCement. HEATCRETE® has been optimised for heat capacity, heat conductivity and mechanical strength. Combined with a patented design and its own highly sophisticated simulation tools, the technology of EnergyNest outperforms existing technologies in terms of costs by an order of magnitude for any needed storage duration beyond 2 hours. The new product is freely scalable, based on non-hazardous, recyclable material and has a life time of more than 50 years. After 5 years of development, the technology has now been validated by an independent third party, DNV GL, at the EnergyNest pilot facility in Abu Dhabi/UAE. The pilot facility was erected and is being operated in close cooperation with MASDAR, a global leader in renewables.
EnergyNest launches its crowdfunding campaign to accelerate commercialisation, maintain its competitive technology edge and find strategic partnerships to boost growth of the company. “We are looking for investors from all over the world who can spread the word and help get their own networks excited about the positive changes EnergyNest is bringing to the world,” says EnergyNest chairman, Harald Norvik, who is former CEO of Statoil.
Masdar Institute, a global leader in renewable research has partnered with EnergyNest for the pilot facility. “We believe EnergyNest is a true gamer changer. Its technology is low cost, easy to install and broadly applicable,” says Steve Griffiths, VP Research at Masdar Institute.
“It has been a pleasure to work with such a professional team and for a problem which has been in my consciousness for a while now,” says Invesdor’s Norwegian Equity Director, Peter Moore. “Elon Musk’s vision involves a lithium-ion battery in every home. EnergyNest’s shares a vision of energy storage but on a grid-scale, rather than in individual homes. Their solution is much simpler – yet at the same time more scalable, more sustainable, and more environmentally friendly”.
André Korn, CFO, EnergyNest AS
Mikko Savolainen, Communications manager, Invesdor Ltd.
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Energynest in brief:
EnergyNest was founded in 2011, has its headquarter in Billingstad/Norway and offices in Abu Dhabi/UAE, Palo Alto/US and Sevilla/Spain. EnergyNest is offering a grid-scale thermal energy storage product to the market. Its technology has been validated by DNV GL. Key target markets are concentrated solar power, power grid applications (esp. wind power parks) and industrial applications where waste heat is stored for later electricity generation or time-shifted heat re-utilization.
Invesdor in brief:
Invesdor operates an online investment platform that connects ambitious European growth companies with investors worldwide. Invesdor has helped raise more than 17 million euros and hosted more than 60 successful equity crowdfunding campaigns.
A financial technology (fintech) company founded in Finland in 2012, Invesdor is the Nordic market leader in equity crowdfunding measured in invested capital and revenue in 2015. Invesdor's clients include private and publicly traded companies from Finland, the UK, Norway and Denmark as well as investors from more than 50 countries. Invesdor has offices in London and Helsinki.