Oslo-based startup Photoncycle, which develops seasonal hydrogen-based energy storage systems for residential buildings, has secured €15 million in Series A funding to scale manufacturing and support early commercial deployment in Denmark and the Netherlands.
- Launched in 2020 by CEO Bjorn Brandtzaeg, Photoncycle develops hydrogen-based energy storage systems designed for seasonal use in residential buildings.
- The company’s technology converts surplus summer solar electricity into hydrogen, which is then stored in a solid-state form in an underground tank of approximately 10,000 kWh. When energy is required, the hydrogen is converted back into electricity via a fuel cell, with recovered heat available for space heating or hot water through a heat pump.
- The system integrates solar panels, a hydrogen processing unit, storage, a fuel cell, and short-term battery components, managed by software that optimizes use, storage, and potential energy trading across seasons.
“The Netherlands has one of Europe’s most advanced rooftop solar markets. The next step is solving the seasonal mismatch. As net metering is phased out, households will need new ways to retain the value of their summer solar production rather than exporting it to the grid," explains Bjørn Brandtzæg, founder and chief executive of Photoncycle.
Details of the deal
- The Series A round was led by NordicNinja and Voima Ventures, with participation from existing investors Lifeline Ventures, Eviny Ventures, Luminar Ventures, and Momentum.
“From our perspective of bridging Japanese capital and European startup expertise, we strongly believe energy sovereignty must be strengthened across both Europe and Asia. We’re excited to help introduce the team to global opportunities, building on our long experience in the energy sector," claims Tomosaku Sohara, General partner at NordicNinja.
- Photoncycle will use the Series A funding to scale up manufacturing capacity, including preparations for its planned 1.4 TWh annual production starting in 2027, and to support early commercial deployment of its seasonal hydrogen energy storage system in Denmark. The company will then expand into the Netherlands as the country phases out net metering, positioning its solution to help solar households store excess summer energy for winter use.
