Photoncycle has raised 5 m Euros in equity finance from leading Nordic venture capital firms. Lifeline Ventures from Finland, one of Europe’s leading early-stage VC investors, according to Dealroom, leads the round with investments also from Luminar Ventures from Sweden, VC firm of the year 2023 Nordic Startup Awards, Momentum Partners a leading Norwegian climate tech VC and Eviny Ventures, part of Eviny, one of the most innovative power companies in Norway.
Photoncycle is one of those investments where once you understand what they are building, i.e. residential renewable energy system with seasonal storage which costs less than grid access, and how strong the team is, you just run at it to invest. Residential energy accounts for about 20% of total GHG emissions Photoncycle has potential to bring that close to 0%, so it feels great to invest in teams which are making a dent in this world!
Teemu Mattila Partner and Head of Climate Investments Lifeline Ventures
Photoncycle is really pleased to secure investments from such a high calibre group of investors with Lifeline Ventures in the lead. There has been massive interest for the round from many corners of the world. We selected an investor group that we think best can support the next steps of our journey. This venture funding enables us to pilot our groundbreaking renewable energy system and prepare for market launch in Europe.
Bjørn Brandtzæg Founder and CEO in Photoncycle
At Luminar, we are truly excited to partner with Photoncycle and its exceptional founder, Björn Brandtzaeg. Björn's passion and the team's groundbreaking work in energy storage have the potential to revolutionize how we approach renewable energy, making European households energy self-sufficient. This investment goes beyond business for us; it's about supporting a vision that aligns with our core belief in sustainable innovation and making a tangible difference in the world.
Jacob Key Founding Partner Luminar Ventures
Photoncycle is one of the most potent startups we have come across in the energy sector in the Nordics. A successful rollout of their unique approach to seasonal energy storage would truly fill a gap in the green transition. It is no easy task, but we believe this team has the competence and the execution skills to make it.
Hilde Støle Managing Partner Momentum Partners
Photoncycle is one of those rare opportunities where ambition meets execution. The technology has the potential to transform the value of renewable energy, making it stable and cheap. We are excited to partner with the company to speed up the energy transition and create a climate tech behemoth.
Jørgen Marek Investment Director Eviny Ventures