Stiesdal scores $12.1 million in a strategic deal with local utility network Andel.
Stiesdal, a Velje (Give), Denmark-based developer of energy storage systems, announced the completion of a DKK 75M ($12.1M) capital investment round.
The deal was made with the local utilities nework provider from Denmark, Andel Holding A/S.
Stiesdal, led by CEO Peder Riis Nickelsen, was founded in 2016 by the Danish inventor Henrik Stiesdal with the declared mission to develop and commercialize technologies with high impact on climate change mitigation.
The company has a working prototype of an innovative ‘hot rocks’ energy storage system that heats up pea-sized crushed stones in insulated steel tanks using an innovative pump-based system and releases the stored energy via a turbine to produce electricity.
The technology has undergone tests at the Technical University of Denmark (DTU), and will be trialled at a solar array in the Zealand region on the Baltic Sea, as well being incorporated in a Danish Energy Agency ‘GridScale’ project.