Hyme Energy Partners with Arla to Scale Molten Salt Thermal Storage Technology
Source: DairyNews.today
Copenhagen-based Hyme Energy has secured a significant partnership with dairy giant Arla Foods to scale its molten salt-based thermal storage technology for industrial use. The collaboration will initially focus on deploying a 200 MWh thermal battery system at Arla’s milk powder production facility in Holstebro, Denmark, with plans to seek European Union funding for the project.
Thermal batteries, such as those developed by Hyme, store energy as heat and are increasingly gaining traction as a cost-effective and space-efficient alternative to lithium-ion batteries for energy-intensive industries. These systems are particularly suited for sectors like food processing, chemicals, and metals manufacturing, where continuous high-temperature steam is essential.
A Game-Changer for Renewable Energy Integration
The Holstebro facility’s thermal battery will convert renewable electricity into heat stored in molten salt tanks at temperatures exceeding 500°C. The stored heat will power Arla’s production processes, eliminating reliance on fossil fuels and targeting a 100% reduction in CO2 emissions.
“This technology is a perfect fit for Arla’s steam-intensive processes,” said Ask Emil Løvschall-Jensen, CEO and co-founder of Hyme Energy. “Our solutions are tailored for industries that require continuous steam in the 200°C to 500°C range.”
Løvschall-Jensen noted the scalability of molten salt systems, highlighting their potential for widespread adoption. “The storage medium itself faces no production bottlenecks. By partnering with established suppliers and engineering, procurement, and construction (EPC) firms, we can accelerate deployment across Europe,” he said.
Funding and Market Outlook
Hyme Energy has raised €25 million ($26 million) to date, including a €10.4 million ($10.8 million) seed round led by Danish investment firm Brightfolk and €8.4 million ($8.7 million) in convertible notes. The startup now aims to secure €20–30 million ($20.8–31.2 million) in a Series A funding round to fuel further expansion.
Venture capital interest in thermal energy storage is growing. According to PitchBook, startups in this sector secured over $170 million in 2023 and are projected to more than double that amount in 2024. Hyme faces competition from players like Electrified Thermal Solutions, which uses heat-storing bricks, and MGA Thermal, which develops modular thermal blocks.
Challenges and Opportunities
While acknowledging the challenges of raising capital for hardware-heavy ventures, Løvschall-Jensen remains optimistic. “It’s easier to attract investment in software, but we’re seeing early-stage recognition of the potential in thermal storage,” he said.
Hyme’s collaboration with Arla represents a critical step in scaling thermal storage solutions to meet the demands of Europe’s industrial sector, positioning the startup at the forefront of decarbonizing energy-intensive industries.
A Game-Changer for Renewable Energy Integration
The Holstebro facility’s thermal battery will convert renewable electricity into heat stored in molten salt tanks at temperatures exceeding 500°C. The stored heat will power Arla’s production processes, eliminating reliance on fossil fuels and targeting a 100% reduction in CO2 emissions.
“This technology is a perfect fit for Arla’s steam-intensive processes,” said Ask Emil Løvschall-Jensen, CEO and co-founder of Hyme Energy. “Our solutions are tailored for industries that require continuous steam in the 200°C to 500°C range.”
Løvschall-Jensen noted the scalability of molten salt systems, highlighting their potential for widespread adoption. “The storage medium itself faces no production bottlenecks. By partnering with established suppliers and engineering, procurement, and construction (EPC) firms, we can accelerate deployment across Europe,” he said.
Funding and Market Outlook
Hyme Energy has raised €25 million ($26 million) to date, including a €10.4 million ($10.8 million) seed round led by Danish investment firm Brightfolk and €8.4 million ($8.7 million) in convertible notes. The startup now aims to secure €20–30 million ($20.8–31.2 million) in a Series A funding round to fuel further expansion.
Venture capital interest in thermal energy storage is growing. According to PitchBook, startups in this sector secured over $170 million in 2023 and are projected to more than double that amount in 2024. Hyme faces competition from players like Electrified Thermal Solutions, which uses heat-storing bricks, and MGA Thermal, which develops modular thermal blocks.
Challenges and Opportunities
While acknowledging the challenges of raising capital for hardware-heavy ventures, Løvschall-Jensen remains optimistic. “It’s easier to attract investment in software, but we’re seeing early-stage recognition of the potential in thermal storage,” he said.
Hyme’s collaboration with Arla represents a critical step in scaling thermal storage solutions to meet the demands of Europe’s industrial sector, positioning the startup at the forefront of decarbonizing energy-intensive industries.
