A Norwegian startup has raised USD 17.5 million to scale solar energy storage and help homes save excess summer power for the winter.
A Norwegian startup has secured USD 17.5 million in a Series A funding to develop a new seasonal energy storage system aimed to help homes store excess amounts of solar energy in summer for use during the winter.
Designed by Oslo-based energy storage scaleup Photoncycle, the seasonal solid-state hydrogen energy storage system is set to roll out commercially in Denmark and the Netherlands. It aims to tackle long-duration storage across seasons, one of the greatest challenges facing renewable energy systems. The round was led by NordicNinja and Voima Ventures, Nordic’s leading deep-tech and energy transition investor. It also included participation from existing investors Lifeline Ventures, Eviny Ventures, Luminar Ventures, and Momentum.The funds will support the first phase of an industrial plant, part of a planned 1.4 terawatt-hour annual energy storage manufacturing capacity expansion. It is set to go live in 2027 and could provide seasonal storage for 140,000 homes.Hydrogen storage solutionPhotoncycle’s system is based on distributed, household-level seasonal energy storage. It aims to reduce the amount of imported gas needed to meet winter heating demand and slash Europe’s reliance on fossil fuel imports.In addition, the technology is also expected to cut household energy bills, make costs more predictable, and help homes become more energy independent by generating their own renewable power through a subscription model. The subscription model will reportedly include solar panels, storage, servicing, as well as access to energy trading markets to reduce upfront costs for homeowners.The startup secured a USD 17.5 million in Series A funding.Credit: Photoncycle“Europe is beginning to solve short-duration storage,” Bjørn Brandtzæg, founder and chief executive of Photoncycle, said. “If households can store summer energy for winter use, they reduce exposure to imported fuel and price volatility as well as to increasing grid costs for consumers.”The project has already attracted huge interest from households seeking to move away from gas heating. It has a growing waiting list in Denmark. The country has some of the highest energy prices in Europe, and about 300,000 homes still rely on gas systems set to be phased out by 2035.Cutting fossil fuel relianceAccording to the startup, once fully operational, the manufacturing facility would support seasonal energy storage comparable to around 140,000 homes storing 10,000 kilowatt-hours of energy each.The investment comes as Europe continues to face vulnerabilities exposed by the 2022 energy crisis. In 2025, the EU imported USD 460 billion of fossil fuels, about USD 1,024 per citizen.Meanwhile, winter energy risks remain high. Heating accounts for 62.5 percent of household energy use, and many homes still rely on natural gas. This leaves them sensitive to seasonal price swings in global gas markets.A Photoncycle unit in winter.Credit: PhotoncycleTomosaku Sohara, general partner at NordicNinja, said energy sovereignty must be strengthened in both Europe and Asia. “Photoncycle combines deep technical innovation with a clear, scalable path to global deployment,” he explained. “Long-duration energy storage is critical to building resilient, reliable clean energy systems in Europe, Japan and beyond.”Inka Mero of Voima Ventures warned that growing renewable energy is driving greater price volatility in electricity markets. “Seasonal storage is therefore not a niche solution, but a systemic necessity,” Mero concluded in a press release.The Series A funding will support manufacturing scale-up and early commercial deployment in Denmark. It will then expand into other major European markets. Future opportunities include Asia, including Japan and the US.
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