Electrochaea, a Munich, Germany-based cleantech startup, closed a several million Euros Series A venture round.
Backers included Munich Venture Partners, b-to-v, Caliza Holding, Focus First, KfW, and Sirius Venture Partners.
The company intends to use the funds to grow the international team at the new headquarters in Munich, to pursue intellectual property, and to provide equity capital to the technology demonstration project BioCat in Copenhagen (Denmark).
Led by Mich Hein, CEO, Electrochaea develops grid-scale energy storage technology known as power-to-gas. The company’s process converts low-cost and stranded electricity into pipeline-grade renewable gas for direct injection into the existing natural gas grid. Once in the grid, the gas can be stored for weeks and months and used for power production, heating applications, or in transportation.