The Venture Codex

Participated · Equity · Jan 2023

Triple Solar designs and manufactures PVT heat pumps and matching PVT heat pump panels that can supply homes with heat, hot water, and electricity year-round. The company says its systems are installed in more than 5,000 residences domestically and overseas. Founded in 2009 by Cees Mager and Terence van Buuren and based in Amsterdam, Triple Solar aims to reduce CO2 emissions from home heating and raise public awareness of energy efficiency. The firm plans to use new funds to roll out its heat pump system internationally, expand production capacity, and develop new energy-efficient products and services. The company positions itself to help meet Netherlands’ policy goals to replace gas heating with electric heat pumps by 2030 and accelerate the energy transition.

Participated · Equity · Aug 2022

Elestor develops hydrogen–bromine flow batteries intended for long-duration energy storage (LDES). Its technology uses hydrogen and bromine as active materials and produces hydrogen during charging, enabling integration with hydrogen infrastructures and electrolysers. The company positions the batteries as a reliable, scalable and cost-effective way to store renewable solar and wind power and to link battery-based and hydrogen-based storage systems. Founded in 2014 and based in the Netherlands, Elestor intends to commercialise its proven technology and expand production toward a GW-scale manufacturing facility. The company raised €30M in a fresh funding round to execute an ultra-rapid growth strategy, expand production capacity and manage its supply chain. Management cited in the articles includes CEO Guido Dalessi and COO Hylke van Bennekom, who joined in April 2021 through an MBI, and Deloitte Corporate Finance acted as Elestor’s exclusive advisor for the raise. Elestor is an Arnhem-based startup developing a hydrogen‑bromine (HBr) flow battery aimed at low-cost, large-scale stationary electricity storage. The company says the battery uses very low-cost active materials, enabling impressively low storage costs per kWh. Elestor is preparing a commercial launch and intends to enter a steep growth phase, increasing investment in staff, test facilities, production engineering and automation ahead of series production. Management has identified building a giga-factory for large-scale HBr flow battery production as the logical next step. The latest funding comes alongside increased capital from early investor EIT InnoEnergy. Near-term deployment plans include a first hydrogen container to Emmeloord (Netherlands), two systems to Germany and one to an island off the Norwegian coast. In 2017 Elestor won the European IDTechEx award for Best Technical Development within Energy Storage.

Participated · Series B · Mar 2021

Sympower operates a leading energy-flexibility platform that helps balance electricity supply and demand by aggregating and optimizing distributed energy resources, including large fleets of battery energy storage systems (BESS). The company currently manages more than 2.7 GW of flexible assets and over 0.5 GW of BESS in the Nordic region, and it has recently expanded its BESS optimization services to Greece while eyeing additional European markets. Its technology enables grid operators and asset owners to monetize flexibility, accelerating the integration of renewable generation. With more than a decade of operating experience and a strong local presence in multiple countries, Sympower plans to use fresh capital to deepen BESS capabilities, pursue strategic M&A, and scale into new geographies. The firm counts several impact-focused backers, and the latest financing further underscores investor confidence in its role within Europe’s energy transition.