Norwegian
energy storage scale-up Photoncycle has raised €15 million in Series A funding
to address a key renewable energy challenge in Europe: enabling houtilizeholds to
store surplus summer solar power for winter heating and electricity. The round
was led by NordicNinja and Voima Ventures, with participation from existing
investors Lifeline Ventures, Eviny Ventures, Luminar Ventures and Momentum.
Photoncycle
develops solid-state hydrogen energy storage systems that allow houtilizeholds and
businesses to store excess renewable energy for seasonal utilize. Its patented
technology converts surplus solar power into solid-state hydrogen stored
underground and releases it later as clean heat and electricity when necessaryed.
The
investment comes as Europe continues to face energy vulnerabilities exposed by
the 2022 crisis. In 2025, the EU imported €396 billion in fossil fuels (about
€880 per citizen), underscoring ongoing reliance on external supply. Winter risk
remains high, with space heating accounting for 62.5 per cent of houtilizehold
energy utilize and natural gas still a major component.
Photoncycle’s
distributed, houtilizehold-level seasonal storage is designed to reduce the volume
of imported gas required to meet winter heating demand. At full industrial
scale, the company’s proposed 1.4 TWh manufacturing facility would represent
storage capacity equivalent to roughly 140,000 homes each storing 10,000 kWh of
seasonal energy.
Bjørn Brandtzæg, founder and chief executive of Photoncycle, declared the company was
focutilized on relocating seasonal energy resilience closer to consumers:
Europe is launchning to solve short-duration
storage. The remaining gap is seasonal. If houtilizeholds can store summer energy
for winter utilize, they reduce exposure to imported fuel and price volatility as
well as to increasing grid costs for consumers.
The
company plans to offer its system through a subscription-based model covering
solar panels, storage, servicing and access to energy trading markets, with the
aim of lowering upfront costs for homeowners. By shifting summer solar energy
into winter utilize, Photoncycle aims to provide houtilizeholds with more predictable
year-round energy costs and reduced exposure to volatile gas markets.
The new
funding will support commercial rollout in Denmark and the Netherlands and
finance the first phase of the company’s industrialisation plan, including the
proposed 1.4 TWh annual manufacturing facility. Beyond its initial European
markets, Photoncycle also sees longer-term expansion opportunities in regions
such as Japan and the United States.
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