Sinergy Flow, PoliHub’s deep-tech startup that develops innovative batteries for energy transition, has closed a €1.8 million investment round led by 360 Capital, an Italian-French venture capital manager, which invested through Poli360 funds in partnership with Politecnico di Milano and A+360, a fund dedicated to energy transition in collaboration with A2A. Also participating in the round was Tech4Planet, the National Technology Transfer Pole for Sustainability established on the initiative of CDP Venture Capital SGR through the Technology Transfer Fund.
“The Tech4Planet National Technology Transfer Pole for Sustainability was created to accompany the growth of the most promising technologies born within Italian research centers and bring them to the market,” says Claudia Pingue, head of CDP Venture Capital’s Technology Transfer Fund. “Sinergy Flow is a particularly significant startup in this sense because it operates in the segment of energy storage from renewables, which is one of the fundamental building blocks to achieve decarbonization goals, and it does so with a team with a great business inclination and with internationalization goals.”
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The energy transition is among the most important challenges for the planet
Currently, energy production is one of the main contributors to atmospheric emissions, being largely based on fossil fuels. In fact, more than 10300 TWh per year are consumed in the European Union, and only 11.8 percent come from renewable sources (2020, Eurostat). To achieve decarbonization goals, it is, therefore, necessary to reshape electricity production, storage, and distribution. Indeed, although renewables are established, competitive and scalable, their penetration is still limited by an inadequate energy ecosystem.
That is mainly due to the lack of support systems, such as storage devices, that act on the imbalance between intermittent generation and energy demand. The ability to store energy on a multi-day basis, so-called long-duration energy storage (LDES), is a necessary requirement to decarbonize the power grid, promoting the penetration of renewables and enabling a zero-emission energy system (McKinsey 2021).
Based on this increasingly urgent need, Sinergy Flow, through the development of a sustainable, low-cost and high efficiency, is able to store electricity for more than 20 hours. In addition, the exploitation of inexpensive and abundant materials, such as sulfur (a byproduct of the petrochemical industry), has enabled it to arrive at an extremely lower cost than solutions available on the market.
Sinergy Flow’s next goals
With the capital obtained from this funding round, the startup-which won the National Innovation Award established by the Italian Association of University Incubators and Business Plan Competitions in 2021-will expand its team and pursue research and development activities, validating the technology in relevant environments, scaling the device, and preparing for massive production in the coming years.
“The energy transition is one of the most important challenges humanity has ever faced, and we strongly believe that our long-life, low-cost, sustainable energy storage technology will make it possible,” said Alessandra Accogli, CEO and founder of Sinergy Flow. “The issue of energy transition and LDES is a top priority for 360 Capital,” said Fausto Boni, General Partner and Founder of 360 Capital, “We believe that Sinergy Flow, thanks to its revolutionary battery and the use of an abundant and waste material such as sulfur, can play an important game on decarbonization and we hope that it can also represent an internationally made-in-Italy success case.”
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First published in StartupItalia, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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