Nefco finances Heliostorage to scale up its emission-free heating and energy storage solution

Heating and cooling account for 50% of the energy consumption in the EU, of which only 23% is produced by renewable sources. Finnish Cleantech company Heliostorage is receiving financing from the Nordic Green Bank to scale up its emission-free seasonal thermal energy storage solution in Europe.

Heliostorage is a Finnish cleantech company that has developed an energy-optimisation system that enables energy independence for heating that is free of emissions. With its Seasonal Thermal Energy Storage (STES) technology, the company uses solar-thermal and waste heat resources for heating purposes, integrating storage as a crucial element to efficiently store the surplus energy.

“We foresee a significant rise in thermal energy storage adoption over the next five years as Europe works towards achieving its Net Zero goal by 2030. As the global focus on sustainable and renewable energy sources intensifies, we expect storage utilisation to greatly enhance emissions reduction and energy efficiency, leading to a sustainable and resilient energy future,” says Denise Conway, CEO, Heliostorage.

Nefco, the Nordic Green Bank has financed Heliostorage to support the scale-up its solution internationally. After years of development and having deployed its first thermal energy systems, the company is now ready to increase sales efforts on a large scale to companies in Europe where natural gas and oil are the main sources of energy for heating and cooling buildings. “The financing from Nefco will be instrumental in helping us to accomplish our objectives, furthering our commitment to advancing Europe’s progress towards achieving Net Zero emissions,” says Conway.

“The energy crisis Europe experienced last year and the continued fuel insecurity have increased the demand for alternative and sustainable heating solutions, and this is further supported by upcoming regulations. Heliostorage offers a solution to replace conventional heating practices that is not only sustainable but also provides heat independence and security. We are happy to support Heliostorage on its journey to accelerate the green energy transition in Europe,” says Joakim Svahn, Investment Officer, Nefco.

Decarbonising heating solutions and gaining energy independency

Heliostorage seasonal thermal energy storage captures heat in solar thermal collectors, mainly during spring and summer, and this is either used directly as heat or transferred and stored in a patented configuration of shallow boreholes in the earth, turning the soil into a thermal battery. Water is circulated in a closed loop system that transfers the heat to the soil, creating a renewable geothermal source capable of storing heat up to 90 degrees Celsius.

“A defining feature of the Heliostorage STES is its scalability, with the capacity to adjust the system to meet energy requirements ranging from 1 MWh to a staggering 5 GWh for a single STES. On mild days, solar thermal heat can be fed directly to the consumer, bypassing the need for a heat pump,” says Conway.

The system includes a smart controller, which optimises heat flow according to the customers heating demands, enabling the efficient use of energy. Excess heat from commercial and industrial processes can also be stored in the thermal energy storage borehole and used during high-demand periods such as winter.

“Our system is also capable of consolidating waste heat from various sources into a single STES. This flexibility ensures we can efficiently satisfy a customer’s annual heating and cooling demands. Together, these benefits enable us to provide an economical solution for heating and cooling that also significantly curtails emissions. We can help reduce fuel bills by as much as 89%, contributing to an improved bottom line for businesses using our technology,” says Conway.

Heliostorage’s solar collectors also do not use any rare earth materials and the end-product is recyclable. This combined with thermal energy storage means that Heliostorage promotes circular economy in the renewable energy sector.

For further information, please contact:

Joakim Svahn, Investment Officer, Nefco, +358 10 6180 672

Denise Conway, CEO Heliostorage, +393452303478

Heliostorage Seasonal Thermal Energy Storage (STES) technology use during spring. Photo: Heliostorage
Heliostorage Seasonal Thermal Energy Storage (STES) technology used during spring. Photo: Heliostorage

About Heliostorage Oy

Heliostorage Oy is a Finnish cleantech company based in Kokkola, Finland, founded in 2019. Heliostorage provides innovative technology to optimise the efficient storage and delivery of thermal energy for low-cost heating and cooling. With a strong commitment to sustainability, Heliostorage is dedicated to helping customers navigate the challenges of rising energy costs and emissions reduction targets. The company is on a mission to give customers energy independence by providing solutions that mitigate CO2 emissions, lower the use of fuel and contribute to a more resilient energy future. Read more:

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