Polar Night Energy raised €500K in a round led by Liquido Ventures Oy.

Polar Night Energy, a Tampere, Finland-based manufacturer of heat storages for renewable energy, announced closing an equity raise round of €500K ($580k).

The money was raised from investors led by the local early stage VC from Finland Liquido Ventures Oy and will be used to hire employees, develop products, and commercialize services. At the same time, Antti Aarnio and Saku Oikarinen will join the company's board of directors. Founding shareholders Markku Ylönen, Tommi Eronen and Mikko Paananen will continue as old members of the Board of Directors. Ylönen will continue as Chairman of the Board.

Polar Night Energy, founded by CEO Jussi Muurikainen, designs and builds high temperature & zero emission heat storages. The company's high-temperature large scale heat storage solution enables the up-scaling of solar or wind energy to up to 100% of the heating and electricity demand.