Green-Y Energy secures seed investment to accelerate the market launch

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23.09.2020
Co-Founders Green-Y

Green-Y Energy's technology combines heating and cooling with a compressed air electricity storage in one device. The start-up has secured CHF 825’000 seed capital to realise the first pilot project and accelerate the market entry.

Renewable energy must be integrated on a large scale in order to achieve the energy transition. The generation of renewable electricity, for example with wind and solar, is today cost-competitive yet low-cost electricity storages are required to make it available 24/7. Further, fossil fuels in the energy-intensive heating and cooling sector must be replaced.

Founded in 2020 by Rafik Barhoumi, Patrick Baumann, Peter Fritzen and Dominik Schnarwiler, Green-Y Energy developed an energy storage system that delivers a two-in-one solution for both challenges. The solution promises a significant advantage in profitability and sustainability compared to the state-of-the-art solutions, battery and heat pump. The combined efficiency and longevity lead to amortisation times of around 7 years. Additionally, the system works with air and water only and is 100% recyclable.

The Bernese start-up plans the commercial rollout of the 1st generation device at the end of 2021. It has already signed two out of four available project contracts to demonstrate the product-market fit and to enter the market.

Moreover, the start-up has secured seed investment from a diversified group of investors and grants from the Swiss start-up ecosystem. Three Swiss private business angels and a Swiss financial entity combined a total amount of CHF 425’000. They will support the team in strategy and business development and join the board of directors. The financing round concluded with additional CHF 400’000 non-dilutive funds granted by the Swiss Climate Foundation, the Bern Economic Development Agency and the Foundation for Technological Innovation. The start-up will use the funds to accelerate development and time to market of its technology.

“This seed round allows us to scale-up the technology and make the step from the lab to the real world,” says Co-Founder and CEO Rafik Barhoumi. The pilot system will be installed at the beginning of 2021 in a new office building and will reduce the costs for peak load energy. The profitability of the use case has been validated in collaboration with universities and corporates.

(Press release/RAN)

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