22.09.2020 ⅼ Hasle b. Burgdorf
Green-Y Energy AG raises CHF 825’000 seed capital to realize the first pilot project and accelerate the market entry. The patent-pending technology combines heating and cooling with a compressed air electricity storage in one device and revolutionizes the energy sector.
The seed round is funded by a diversified group of investors and grants from the Swiss start-up ecosystem.
Three Swiss private business angels and a Swiss financial entity combine for a total amount of CHF 425’000. They will support the team in strategy and business development and join the board of directors. The financing round was completed by CHF 400’000 of non-dilutive funds granted by the Swiss Climate Foundation, the Bern Economic Development Agency and the Foundation for Technological Innovation.
Green-Y collaborated with BV4 Ltd. for the fundraising process. Further, Green-Y is or was enrolled in the following programs and accelerators: Innosuisse coaching, be-advanced Challenge and Highflyer, Swiss Innovation Challenge, SEIF Award, Swiss Cleantech, Venturelab Workshops. Thank you all for the great support.
Green-Y delivers the solution for a profitable and sustainable energy transition.
To achieve the energy transition, renewable energy must be integrated on a large scale. The generation of renewable electricity, for example with wind and solar, is already today cost-competitive but low-cost electricity storages are required to make it available 24/7. Further, fossil fuels in the energy intensive heating and cooling sector must be replaced.
Green-Y delivers a two-in-one solution for both challenges with a significant advantage in profitability and sustainability compared to the state-of-the-art solutions battery and heat pump. A high combined efficiency and long lifetime lead to amortization times of around 7 years. Additionally, the system works with air and water only and is 100% recyclable.
Next key milestone is the realization of the first pilot project at customer site.
“This seed round allows us to scale-up the technology and make the step from the lab to the real world” says Co-Founder and CEO Rafik Barhoumi. The pilot system will be installed at the beginning of 2021 in a new office building and will reduce the costs for peak load energy. The profitability of the use case has been validated in collaboration with universities and corporates.
The commercial rollout of the 1st generation device is planned towards the end of 2021. Already two out of the four available projects in 2021 are signed. It will be the main step to show the product/market fit and to enter the market.
The team combines skills from engineering, business and start-up.
Since the end of 2017, the four Co-Founders Rafik Barhoumi, Patrick Baumann, Peter Fritzen and Dominik Schnarwiler have developed the future energy storage system and founded the Green-Y Energy AG in March 2020. The ETH and engineering backgrounds combined with a business background, +20 years industry experience and track record of a successful start-up in the energy industry build a solid foundation for the initiative.
Green-Y Energy AG