Phelas closes pre-seed financing round

The Munich-based start-up received 600,000 euros for its business idea. The founders now want to win 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. During the evaporation process, a high pressure is created that drives a turbine, which in turn generates energy. Electricity storage is becoming more and more important, especially because renewable energies do not supply electricity constantly and so peaks in electricity can be stored for worse times.

Phelas promises a particularly cost-effective method of storing energy; co-founder Leon Haupt talks of 200 euros per kilowatt hour. "It is thus already competitive in the early production phase with the lithium-ion and vanadium redox flow battery technologies available today," he says. The start-up plans to put the money it has now raised into further development of the technology and attract its first customers as partners. "The international growth prospects for Phelas' energy storage system are phenomenal," says business angel Thomas Bodmer, who invested.