We advised lead investor Jonathan Oppenheimer in the EUR 7.6 million financing round in Polar Night Energy. The funds will be used for growth and accelerating towards power-to-heat-to-power readiness.
Polar Night Energy is a Finnish startup founded in 2018 that designs and manufactures high temperature thermal energy storages. The Sand Battery developed by the company enables a significant increase in wind and solar energy production while reducing the use of fossil fuels.
Recently, Polar Night Energy has 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.
Jonathan Oppenheimer is a South African businessman, social impact investor, and conservationist. Other key participants in the round included Stephen Industries, Holdix, Turret and PC Rettig & Co. Impact.