Hyme Energy gets spunoff from Seaborg in a €10 million funding deal.

Hyme Energy, a Copenhagen, Denmark-based startup producing an alternative way of energy storage, announced the completion of a €10 million (11.3M) capital funding deal.

The money represents working capital as the company was spunoff from a local nuclear energy producer - Seaborg Technologies.

Hyme develops energy storage solutions based on the use of molten hydroxides as storage medium, based on a long-term licensing agreement with Seaborg to use their key patents to deploy hydroxide salts within the field of energy storage and energy conversion. This reduces the cost of salt as a storage medium by approximately 90%. Hyme expects to be able to halve the price of long-term and large-scale energy storage facilities independently of geographical constraints - the proceeds of the investment will be used to build a commercialization via a pilot plant to be buolt within 18 months.

Hyme will be managed by CEO Ask Emil Løvschall-Jensen and by Nis Benn, joined by the Chairman of the Board: Navid Samandari.

eaborg Technologies, founded in 2015 by Ask Emil Løvschall-Jensen, Andreas Vigand Pedersen, Eirik Eide Pettersen and CEO Troels Schönfeldt, designs Molten Salt Reactors (MSR), a type of nuclear reactors based on a combination of molten salt technology and thorium, which enables production of green energy at low costs. The reactor cannot melt or explode, cannot emit radioactive gases into water or air and can not be used for the production of nuclear weapons. It is cheaper than coal, can be mass produced and will in the future be able to recycle its own nuclear waste.

Seaborg previoulsy raised $24 million at the end of 2020, and shareholders include Brightfolk, PreSEED Ventures and local angel investors.