Phelas closes pre-seed financing round

The Munich-based start-up received 600,000 euros for its business idea. The founders now want to acquire their first customers.

The start-up Phelas has raised 600,000 euros and other funding in its pre-seed financing round. The capital comes from business angels from the "Baystartup Investor Network". The founders want to build an electricity storage system. The basis of the technology is that air is liquefied in a compressor. In this state, the air can be stored for several weeks. Vaporization creates high pressure, which drives a turbine that in turn generates energy. Electricity storage systems are becoming increasingly important, especially because renewable energies do not provide a constant supply of electricity, meaning that power peaks can be stored for poorer times.

Phelas promises a particularly cost-effective method of storing energy, with co-founder Leon Haupt talking about 200 euros per kilowatt hour. "This makes it competitive with the lithium-ion and vanadium redox flow battery technologies available today, even in the early production phase," he says. The start-up intends to invest the money it has now raised in the further development of the technology and acquire its first customers as partners. "The international growth prospects for the Phelas energy storage system are phenomenal," says business angel Thomas Bodmer, who invested.