Finnish startup TheStorage has secured €1 million in funding from Estonian alternative investment manager 2C Ventures and Finish venture capital firm Superhero Capital to address the decarbonizing of industrial heat – one of the largest challenges in green transition, as stated in the press release.

About TheStorage thermal energy storage system

  • Founded in 2023, TheStorage is a Tampere-based company providing sustainable grid-scale energy storage that can discharge heat, steam, or CHP (combined heat and power).

  • Its sand-based thermal energy storage technology provides a highly scalable, cost-efficient, and fossil-free solution for industrial heat, delivering substantial reductions in greenhouse gas emissions while also offering significant cost savings according to the company. 

  • These savings are achieved by allowing customers to harness abundant, low-cost renewable energy—such as wind and solar—when it is plentiful and inexpensive, storing it as heat. This stored energy can then be converted into a stable, continuous supply of industrial heat, reducing reliance on traditional fossil fuels and lowering overall energy costs.

"Currently, the majority of industrial heat is produced by burning fossil fuels. Our solution empowers industries to transition to fossil-free processes. Not only will the technology allow industries to reduce their carbon footprint, it will also lead to direct cost savings as the companies utilize renewable energy when it is cheap. The larger the energy storage capacity, the greater the cost-saving benefits," told Co-Founder and CEO of TheStorage Timo Siukkola.

Investment details

The €1 million investment will allow TheStorage to construct a proof-of-concept system tested in collaboration with several industrial customers, demonstrating its ability to meet diverse industrial heat needs as noted by investors, including 2C Ventures and Superhero Capital.

  • 2C Ventures is a cleantech venture capital fund established in 2023 with a mission to help the world tackle climate change. 2C Ventures supports innovative cleantech companies in the Nordics and Baltics, helping to accelerate new business models and technological innovation.

  • Superhero Capital is a venture capital firm based in Helsinki, Finland, with team members in Finland, Lithuania, Estonia and Latvia. Founded in 2015, Superhero Capital manages four early-stage funds and focuses on seed investments in Finland and the Baltics. The firm’s portfolio consists of companies such as Fractory, Cactos, Hamina Wireless and Vapaus.

TheStorage envisions large-scale Combined Heat and Power (CHP) storage units to supply both electricity and heat, and is actively hiring new talent to support its mission in driving the global energy transition.

In January, 2C Ventures announced the launch of its first €50 million fund to support early-stage cleantech companies in Estonia and the New Nordics.