German Startup Kraftblock Raises ‚¬20 Million Series B to Combat Climate Crisis through Its ...

"At a time when there are very limited funding opportunities for startups, we are proud to have closed this Series B round."

That's how Martin Schichtel, CEO and co-founder of German startup Kraftblock, describes the company's latest $20 million funding round, which was led by Shell Ventures, the venture capital arm of Shell, along with participation from five other global investors, including Finindus and A&G Energy Transition Tech Fund.

Kraftblock's proprietary thermal storage technology stores energy for up to two weeks at temperatures up to 1,300 degrees Fahrenheit and can be used in steel, glass, and other energy-intensive industries.

"This innovation eradicates the reliance on fossil fuels for power generation and addresses the intermittency challenge posed by other renewable energy sources," Schichtel says in a press release.

Kraftblock's technology can consistently harness thermal energy from manufacturing processes.

Last year, the company teamed with PepsiCo to establish an energy storage system within PepsiCo's factory in Broek op Langedijk, the Netherlands.

Kraftblock's storage system boasts high thermal conductivity, facilitating efficient heat transfer.

Unlike solar-dependent facilities that encounter operational hurdles on cloudy days, Kraftblock's technology can consistently harness thermal energy from manufacturing processes.

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