Estonian 2C Ventures invests in Finnish cleantech startup TheStorage

Estonian 2C Ventures has invested in Finnish cleantech startup TheStorage, which develops energy storage technology for industrial heat generation. Finnish Superhero Capital also participated in the €1M round.

Founded in Tampere, Finland in 2023 by Timo Siukkola, Esko Kulju, and Heikki Hannula, TheStorage has developed a sand-based thermal energy storage technology. Cold sand passes through TheStorage's electric heating system and is heated to 1200 °C. The hot sand is stored in a hot storage tank, passes through a heat exchanger, and can be discharged to produce steam/superheated steam, hot air, or hot water under pressure. It can run a turbine to provide a continuous energy supply.

The company claims that its installations contribute to grid stability by providing the inertia needed to maintain frequency control, which renewables such as wind and solar cannot provide.

The startup will use the investment to build a system that will be tested in collaboration with several industrial customers. The system will demonstrate the technology’s ability to meet various industrial heat needs, including pressurized hot water, saturated steam, and thermal oil, using the same basic system with easily upgradeable unloaders.

Founded in 2024 by Herty Tammo, Hendrik Reimand, Taavi Veskimägi, and Martin Koppel, 2C Ventures aims to provide startups with initial investments ranging from €250K to €1M and follow-on investments in later rounds. In early 2024, 2C Ventures closed €32M for its fund, €20M of which was secured from the Estonian SmartCap Green Fund. The target size of the fund is €50M.