Norwegian energy storage company Photoncycle has secured €15 million in Series A funding to accelerate the development and deployment of its seasonal energy storage systems across Europe.
The round was led by NordicNinja and Voima Ventures, with participation from Lifeline Ventures, Eviny Ventures, Luminar Ventures, and Momentum.
Addressing Europe’s Seasonal Energy Storage Gap
Photoncycle focuses on solving a major challenge in the transition to renewable energy: storing excess electricity generated during summer months for use during winter, when energy demand for heating rises significantly.
While short-duration battery storage is becoming increasingly common, seasonal storage remains a major gap in Europe’s energy infrastructure. Winter heating alone accounts for approximately 62.5% of household energy consumption across the region, with natural gas still widely used as the primary energy source.
The issue gained increased attention following Europe’s energy crisis in 2022. By 2025, the European Union continued to import large volumes of fossil fuels, with total spending reaching roughly €396 billion.
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Solid-State Hydrogen Storage Technology
Photoncycle develops solid-state hydrogen storage systems designed for residential and commercial use. The system converts surplus solar electricity generated during summer into hydrogen, which is stored in a solid-state form underground.
When energy demand increases during winter, the stored hydrogen can be converted back into heat and electricity. This approach allows households and businesses to shift renewable energy consumption across seasons rather than relying on external fuel supplies.
The company’s distributed storage model aims to help reduce dependence on imported gas while improving energy resilience and stabilizing household energy costs.
Subscription-Based Energy System
Photoncycle plans to deliver its technology through a subscription-based model that bundles solar panels, seasonal energy storage, maintenance services, and access to energy trading markets.
This approach is intended to lower the upfront cost for homeowners while enabling them to store surplus solar energy generated during summer for later use. By shifting energy consumption across seasons, the system aims to reduce exposure to volatile energy prices and grid-related costs.
Scaling Production And Market Expansion
The new funding will support the commercial rollout of Photoncycle’s systems in Denmark and the Netherlands. It will also finance the first phase of the company’s industrialisation strategy, including development of a planned manufacturing facility capable of producing up to 1.4 TWh of seasonal storage capacity annually.
At full scale, this level of production could support storage systems equivalent to roughly 140,000 homes, each capable of storing approximately 10,000 kWh of energy.
Beyond its initial European markets, Photoncycle is also evaluating potential expansion into regions such as Japan and the United States.
About Photoncycle
Founded in 2020, Photoncycle develops solid-state hydrogen energy storage systems designed to store surplus renewable energy for seasonal use. By enabling households and businesses to convert and store excess solar energy during summer for winter heating and electricity, the company aims to support more resilient and balanced renewable energy systems.
