Finnish startup TheStorage has received an additional €1.15 million in funding from Business Finland, boosting its total funding to €2.15 million. This investment follows the company's €1 million round with Estonian alternative investment manager 2C Ventures and Finnish venture capital firm Superhero Capital, further strengthening its mission to decarbonize industrial heat.
About TheStorage thermal energy storage system
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TheStorage was founded in 2023 by a team of power plant industry experts Olli Hannula, Timo Siukkola, Heikki Hannula, and Esko Kulju. TheTampere-based company develops sustainable grid-scale energy storage solutions capable of discharging heat, steam, or CHP (combined heat and power).
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The company’s sand-based thermal energy storage provides a scalable, cost-effective, and fossil-free alternative for industrial heat, reducing greenhouse gas emissions and lowering energy costs.
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The system enables industries to store abundant, low-cost renewable energy, such as wind and solar, when it is available and inexpensive, converting it into a stable, continuous supply of heat.
Investment details
Business Finland joins existing investors Superhero Capital and 2C Ventures, both of whom previously backed TheStorage with €1 million.
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Business Finland is the Finnish government organization for innovation funding, trade, investment, and travel promotion. Operating under the Ministry of Employment and the Economy, it supports startups, SMEs, and large enterprises in developing cutting-edge technologies and expanding into global markets.
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Superhero Capital is a Helsinki-based venture capital firm investing in early-stage startups across Finland and the Baltics.
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2C Ventures is a cleantech-focused VC fund supporting innovative companies tackling climate change in the Nordics and Baltics.
The new €1.15 million funding from Business Finland will support the company in accelerating the development of its proof-of-concept system, which is set to undergo real-world testing in 2025.
Business Finland’s most recent portfolio addition was Finnish biotech company StemSight, which raised a €2.3 million investment to develop stem cell-based vision restoration therapies.
