2C Ventures participates in TheStorage’s €3.6M seed funding round
TheStorage, a Finnish cleantech startup developing industrial thermal energy storage solutions, has raised €3.6 million in a seed funding round led by Voima Ventures, with participation from 2C Ventures, Superhero Capital, and Momentum.
Founded in 2023, TheStorage is tackling one of the hardest segments to decarbonise, industrial heat, which accounts for a significant share of global energy consumption and emissions. The company has developed a thermal energy storage system based on sand, capable of storing electricity as heat and releasing it for industrial processes when needed.
Its solution enables industrial companies to electrify heat production, integrate renewable energy sources, and optimise energy usage based on electricity price fluctuations, helping reduce both operational costs and carbon emissions. By acting as a buffer between intermittent renewable generation and continuous industrial demand, TheStorage’s technology supports a more flexible and resilient energy system.
The company is targeting industries such as food and beverage, chemicals, and district heating, where high-temperature heat is essential and alternatives to fossil fuels remain limited. Its systems are designed to integrate with existing infrastructure, allowing companies to transition without major operational disruption.
Timo Siukkola, CEO and co-founder of TheStorage, said: “The new funding gives us real momentum in commercialising our technology. Interest in thermal energy storage is growing enormously across industry, and our goal is to be the number one choice for companies looking for efficient solutions to manage their energy costs and support their sustainability targets."
The funding will be used to accelerate commercialisation, scale deployments, grow the team, and further develop the technology, as TheStorage aims to expand its footprint across Europe and beyond.
