Photoncycle raises investment, aims to bring long-duration hydrogen energy storage systems to homes in 2027

Norwegian energy storage scale-up Photoncycle said today it has raised €15M (USD 17.4 million) in Series A funding to advance the commercial launch of its unique energy storage system being planned for homes in Denmark and the Netherlands.

Photoncycle is aiming to shift energy across seasons, not just across the daytime into nighttime. It is aiming to use excess solar energy generated in summer months to power a reversible fuel cell to create hydrogen from water. That hydrogen is then processed into a “solid state”, will then be stored in an underground storage unit, which the company says can hold up to 10 MWh of energy. No details around instantaneous power output are currently known.

The energy density is claimed to be high due to Photocycle’s proprietary and patented technology. Patents held by Photoncycle’s founder, Bjørn Brandtzaeg, viewed by ESS News detail the storage meidum as ammonia, with an an ammonia synthesis reactor being used.

Photoncycle aims to reach the first phase of 1.4 TWh annual manufacturing capacity planned for 2027.

The Netherlands is attractive for energy storage players as it prepares to phase out net metering in 2027, as have other parts of the world where there has been strong penetration of rooftop solar installations.

Bjørn Brandtzæg, founder and chief executive of Photoncycle, hit on that point in the press release around the capital raising, saying “The Netherlands has one of Europe’s most advanced rooftop solar markets. The next step is solving the seasonal mismatch. As net metering is phased out, households will need new ways to retain the value of their summer solar production rather than exporting it to the grid.”

Photoncycle said it intends to offer its system under a subscription-based model in which the seasonal storage unit is installed at the customer’s property and operated as part of an integrated energy solution.

The investment round was led by NordicNinja and Voima Ventures, with participation from existing investors Lifeline Ventures, Eviny Ventures, Luminar Ventures and Momentum.