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Tech EU - Terra One raises $7.5 million for decentralized battery storage

Tech EU - Terra One raises $7.5 million for decentralized battery storage

25.4.24, 10:00

Berlin-based Terra One, led by PT1, has received $7.5 million in seed funding to support Europe's transition away from non-renewable energy sources. The startup aims to address the challenges of insufficient grid and storage capacity by deploying decentralized battery storage systems that store energy during periods of low demand and release it during peak times. With its projects capable of powering a city of 100,000 residents for up to six hours, Terra One will use the funds to expand its team and improve its battery optimization software.

Berlin-based battery storage startup Terra One has raised $7.5 million in seed funding led by PT1, a PropTech and Greentech Investor.

Co-founded by serial entrepreneur Tony Schumacher and Thomas Antonioli, the former CFO of sharing economy startup Grover, Terra One aims to help Europe meet its climate goals and wean the continent off politically sensitive and non-renewable energy sources.

While solar capacity is growing and more wind turbines are being installed, the current power grid and storage capacities are inadequate, preventing a full transition to renewables. In 2023, for example, 19 terawatt hours of energy (enough to power six million homes) were lost in Germany due to inefficient grid management and bottlenecks. Without action, these numbers will only rise in the medium term as more renewables come online.

Terra One aims to solve this problem through its network of distributed battery storage projects that charge when the share of renewables on the grid is highest (during the day or at night when people aren't eating breakfast or dinner) and electricity prices are lowest. The units discharge during peak times when the grid would otherwise have to switch to conventional generation to meet demand and prices are significantly higher.

The largest battery projects currently approved can power a city of 100,000 people for up to six hours, and the company has built a pipeline of 300 projects with more than 20 gigawatt hours (GWh). For comparison, generating just one GWh of electricity requires 67,200 gallons of oil. One gigawatt of energy can power 100 million LED lightbulbs and is equivalent to nearly 2.5 million solar panels.

Previous investors neosfer and 468 Capital also participated in the round.

Co-founder Thomas Antonioli commented on the capital increase: "We are very excited about this financing round, which will enable us to advance our vision of building Europe's leading battery optimizer and thus make a significant contribution to achieving climate goals. In particular, we will use the financing to further expand our team and develop our revolutionary battery optimization software and our project pipeline."

Author: Lucy Adams

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