For many industries, lithium batteries are not enough: they are becoming more and more expensive, require too much space, and are sometimes simply excessive for many industrial use cases. Thermal batteries, on the other hand, can store energy in the form of heat for long periods of time, are often less expensive to invest and deploy, and are more suitable for various industrial applications.
Today, Denmark Hyme Energywhich makes thermal batteries using molten salt, has signed a deal that could help it scale its technology to industrial levels: Arla, a Danish-Swedish multinational cooperative and the world's fifth-largest dairy company, partners with Hyme to develop a large-scale industrial thermal storage system.
The project will initially be built for Arla's milk powder factory in Holstebro, Denmark. Hyme and Arla will also jointly seek European funding for the project.
Hyme uses a molten salt system designed for energy-intensive industries, such as food and beverage, chemical and metal production. The proposed system will have a capacity of 200 MWh and would convert electricity from renewable sources into heat which will then be stored in molten salt tanks at a temperature above 500° Celsius. The aim is to completely replace fossil energy in Arla's milk powder production and reduce CO2 emissions by 100%.
Hyme co-founder and CEO Ask Emil Løvschall-Jensen believes the company's solutions are ideal for Arla's processes due to the need for steam. Hyme is fully focused on industrial segments where there is high demand for steam, particularly continuous steam in the temperature range of 200°C to 500°C, he added.
“There are a lot of emerging technologies in this area. One is for molten salts and the other is for solid storage media, like graphite, ceramics, etc. The main differences are in long-duration steam discharges,” he said.
The question is how quickly can technology evolve across Europe to meet industrial demand? Løvschall-Jensen thinks it is possible.
“There is no limitation on the storage media produced […] so that it can be adapted to any pace. We are adopting a strategy where we are not looking to be a component manufacturer, but rather working with blue-chip suppliers and EPC partners to ensure we can scale quickly enough,” he said.
Is venture capital investing enough in this area? : “Yes and no,” he replied. “It’s much easier to raise money to buy software. Some recognize that they need to master technologies earlier to become the right growth partner later. We see signs of it.
Brightfolk led Hyme's first fundraising round of €10.4 million ($10.8 million). It also raised 8.4 million euros ($8.7 million) in convertible notes and, with the grants, the startup raised a total of 25 million euros ($26 million). The startup now plans to raise a Series A of 20 to 30 million euros ($20.8 to $31.2 million).
According to Presentation bookThermal battery startups like Hyme have raised more than $170 million in venture capital in 2023 and are on track to raise more than double that amount in 2024.
Hyme's competitors include Electrified thermal solutionswhich gives the bricks the ability to transform electricity into heat and store it for hours. The Fourth Power thermal battery stores energy in the form of graphite blocks held at approximately 2,400°C (4,350°F). The blocks are charged by molten tin, which is heated using electricity from solar panels or wind turbines. And MGA Thermal wants to help utility companies transition from fossil fuels to renewable energy sources with thermal energy storage blocks the size of a shoebox.
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