Kraftblock, a Sulzbach, Germany-based producer of sustainable high-temperature energy storage systems, raised €20M in Series B funding.
The round was led by Shell Ventures, with participation from Finindus, Moore Strategic Ventures, A&G Energy Transition Tech Fund, and Future Industry Ventures.
The company intends to use the funds to expand operations and its business reach.
Founded in 2014 by chemist Dr. Martin Schichtel and economist Dr. Susanne König, Kraftblock provides multifunctional high-temperature energy storage systems for industrial applications. Through its patented and sustainable thermal storage technology, the company enables the energy transition and the decarbonization of processes in the energy sector and any industries from food to chemicals, paper, ceramic and steel. The storage time-shifts waste heat or renewable power to replace fossil fuels with green heat up to over 1,300°C (2,500°F). Recently, Kraftblock announced a project with PepsiCo and Eneco to build the world’s largest commercial high-temperature storage at a food plant.
FinSMEs
11/08/2023