Hyme Energy, the Copenhagen-based energy storage startup, has secured funding from existing and new shareholders. The last tail of the negotiation was closed on December 15th, taking the funding to EUR 8,4 million. The final shareholders list includes among others Heartland A/S, Nordic Makers, North-East Ventures, VÅR ventures and the Export and Investment Fund of Denmark (EIFO). Vår Ventures and EIFO entered as two of the new investors, and we are pleased to count on the support of internationally recognized and state-backed investors such as EIFO. The investment lets Hyme keep momentum in the company’s development and current demonstration project.

Hyme raised EUR 10.4 million when it was founded in November 2021 and has since made tremendous progress. The company has matured its technology to pilot stage, secured grants for another EUR 10 million for Hyme and its partners in two demonstration projects, established strong relationships with potential industrial and utility customers globally, and built a world-class team of global talents. 

“This new funding is an acknowledgment from current and new investors on the impressive progress Hyme has made in just two years since founding. The investment will enable us to keep a rapid pace on our mission to decarbonize industries and the energy sector,” says Ask Emil Løvschall-Jensen, CEO and co-founder.  

The financing will be used to reach important milestones in the coming year. One of them is the commissioning and operation of an industrial scale pilot plant currently under construction in Esbjerg, Denmark. Additionally, the company will focus on maintaining the pace of its technology and product development while getting ready for full market entry. 

“The next year will be pivotal to Hyme, as we show the true potential of our technology in our first plant and lay the full groundwork for commercial success in the coming years,” adds Ask Emil Løvschall-Jensen. “I am grateful to our team and to all our partners and supporters, who have all played an important part in getting us this far.”

With the close Hyme, will focus on development and commercial dialogues and will initiate fundraising dialogues again early summer 2024 with the pilot in operation to finance full market entry.