Newheat develops large-scale solar thermal fields, stores hot water in large tanks and links those installations to industrial sites and district heat networks to supply renewable heat. The company also captures waste heat from factory flues and incinerators and stores calories in pits. Newheat invests directly in its plants and sells energy to clients, and has invested €15 million across five plants to date. The team has grown from 20 to 45 employees as demand surged after higher gas prices and geopolitical shocks. The company runs R&D with four doctoral students focused on dynamic modelling to improve solar thermal performance. Newheat plans to multiply its project cadence by five and increase project scale threefold, with 15 projects planned in the coming years and three of those abroad.

Total raised

$33M

Funding rounds

1

Latest round

Equity

Latest activity

Nov 2023