HomeFinland-StartupsFinnish startup Teraloop receives €2.4 million Horizon 2020 grant to help reduce...

Finnish startup Teraloop receives €2.4 million Horizon 2020 grant to help reduce industrial energy costs

Espoo-based cleantech startup Teraloop has developed an alternative to electrochemical batteries for energy storage. Its flywheel (a mechanical device specifically designed to efficiently store rotational energy) was designed to meet the power management needs of energy intensive industrial consumers – helping them to increase the sustainability of their processes, while enabling cost savings through load management, and revenue generation by allowing customers to participate in regulated energy markets.

“Supporting the development of new hardware solutions is key to addressing the needs of our sustainable future,” said Philippe Pépin, COO of Teraloop. “We look forward to further support in hardware innovation, especially in the energy area.”

To reach 100% renewable generation of electricity by 2050, the world may require up to 48TWh of grid scale, stationary energy storage. The future energy storage mix will include both Power-to-X and battery technologies, but Teraloop’s product will provide some of the most efficient technology for the high throughput of daily storage needs.

Teraloop’s flywheel energy storage device has strong potential within the existing flywheel industry for its scalability, reduced environmental impact, and improved storage footprint, extending the traditional advantages of flywheel technology: high efficiency, flexible charge and discharge capabilities, and a long service life.

The startup has just announced that has received a €2.4 million grant from the EU’s Horizon 2020 SME programme, which it will use to develop a commercialization roadmap for its technology.

“We are very pleased to be recognised at a European level for our role in providing alternatives to electrochemical batteries,” Ian Denton, Chief Engineer at Teraloop. “The technologies we need for the energy transition are available – now is the time to apply those where they are best suited. Teraloop provides an ideal solution for stationary grid scale storage, freeing up precious Li-ion resources for electric mobility applications.”

“Our technology demonstrator has shown that we can have a positive impact on energy use and cost for industry,” said Ted Ridgway Watt, CEO of Teraloop. “This grant will be a significant assurance for investors looking to help us deliver that technology into the energy sector.”

Mary Loritz
Mary Loritz
Mary served as Head of Content at EU-Startups.com from November 2018 until November 2019. She is an experienced journalist and researcher covering tech and business topics.

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