“We're thrilled with the results of this round, especially given the current challenges in the financing environment. There's been considerable interest in our work, with investors recognizing our potential. This has helped us finding the right and most supportive investors. We're excited to enter a new phase of growth and innovation”, says Polar Night Energy’s Co-Founder Markku Ylönen.
The investment round was led by Jonathan Oppenheimer, and co-led by Finnish investment companies Stephen Industries, Holdix and Turret, and joined by a Swedish family-owned investment company PC Rettig & Co. Impact and a group of existing investors.
Polar Night Energy and Jonathan Oppenheimer share the vision that thermal energy storage sits at the center of clean energy production. Jonathan Oppenheimer is a South African businessman, social impact investor, and conservationist. He has been appointed to the Board of Directors at Polar Night Energy.
“I believe protecting our environment and climate is central to our survival as human beings and society. The environment we live in is under threat, and we need to find sustainable ways to thrive while preserving our planet. Polar Night Energy has the potential to be a part of the solution”, says Jonathan Oppenheimer.
"We that enabling the energy transition requires a significant amount of energy storage technology, and based on our assessment, Polar Night Energy is perfectly positioned to meet this demand," says Stephen Industries’ Chairman Kustaa Poutiainen.
The funds will be used for several key purposes, including growing sales and R&D teams to better cater to customers' needs, and advancing capabilities in converting stored heat back to electricity. Additionally, the new investors will provide invaluable strategic insights and industrial expertise, strengthening Polar Night's strategic efforts and bringing fresh perspectives to the company.
Recently, Polar Night Energy achieved significant progress with the announcement of a new industrial-scale Sand Battery project with Loviisan Lämpö, a Finnish district heating company, in addition to a partnership with Ilmatar, a Nordic energy company and independent power producer (IPP), aimed at storing surplus wind and solar energy in large-scale Sand Batteries.
