Finnish startup Polar Night Energy closes €7.6M in seed funding

Polar Night Energy, a Tampere-based renewable energy startup, has successfully secured €7.6 million in a seed funding round led by a private investor Jonathan Oppenheimer, and co-led by Stephen Industries, Holdix, and Turret. The funds will be used for growth and accelerating towards power-to-heat-to-power readiness.

• Founded in 2018 by Tommi Eronen and Markku Ylönen, Polar Night Energy 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.

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,

Markku Ylönen, Polar Night Energy’s Co-Founder, says.

• The investment round was led by Jonathan Oppenheimer, a South African businessman, social impact investor, and conservationist, and co-led by Finnish investment companies Stephen Industries, Holdix, and Turret
• Swedish family-owned investment company PC Rettig & Co. Impact and a group of existing investors also participated in the round. Apart from the capital, the news investors will also provide invaluable strategic insights and industrial expertise, strengthening our strategic efforts and bringing fresh perspectives to the company.

Polar Night Energy will use the funds for several key purposes, including growing sales and R&D teams to better cater to our customers’ needs, and advancing our capabilities in converting stored heat back to electricity.