In today’s fast-evolving energy landscape, companies are under pressure to slash operational costs and decarbonize energy processes. At the same time, a golden opportunity emerges - transforming energy consumption into income by contributing to grid stability through the electricity reserve market. Electrified thermal energy storage (ETES) is at the forefront of this transformation.
By leveraging electricity—preferably from renewable sources—to charge thermal storage systems, businesses can replace costly and carbon-intensive fuels, dramatically lower energy costs, and unlock new revenue streams by supporting electric grid balancing services.
Here are three compelling case studies from Finland’s industrial sector that demonstrate the transformative potential of thermal energy storages (TES). These projections are based on real gas prices and electricity spot prices in Finland, with actual savings and grid balancing income determined by each factory’s unique energy consumption profile. Electricity price includes transfer fee and margin for 100% renewable sourced electricity.
Typically, energy consumption in production processes fluctuates. The thermal power produced from TheStorage can accommodate these fluctuations, and it can deliver high peak power outputs to support the customer’s process at all times. These power peaks can be significantly higher than the charging power.
This long-established industrial facility has traditionally relied on natural gas to produce process steam. Now, it's changing direction due to rising fuel costs and growing pressure to reduce carbon emissions. With natural gas prices at €100/MWh, the facility’s steam production faces both cost and volatility challenges. This facility operates on a two-shift schedule, running from Monday to Friday, with highly variable steam power, peaking at 4,7 MW. By embracing electrified TES, the company anticipates:
• Direct Energy Cost Savings: A projected annual fuel saving of €309 000
• Total Net Savings: Including fuel savings and Fingrid’s grid balancing revenue, the facility expects total annual savings of approximately €700 000
• System Specs: The TES system will boast a 50 MWh storage capacity, 3 MW electric charging power and a 4,6 MW (thermal) discharging power
This transformation highlights how TheStorage can be an excellent investment even for small factories while significantly reducing the climate impact of the produced goods.
Another forward-thinking industrial client plans to implement TES to tackle high energy costs and enhance energy flexibility. They are taking this opportunity to position themselves as a leader in reducing carbon emissions and setting a benchmark for sustainability in their sector. This facility operates primarily on a three-shift schedule, running from Monday to Sunday, with variable steam power, peaking at 2,7 MW. By transitioning to electrified TES, they anticipate:
• Direct Energy Cost Savings: A projected annual electricity cost reduction of
€576 000
• Total Net Savings: Combining fuel savings and grid revenue, total annual savings are expected to reach €1 000 000
• System Specs: The TES solution will feature a 100 MWh storage capacity, a 4 MW electric charging power and a 2,7 MW (thermal) discharging power
This case demonstrates how a typical factory can achieve exceptional income by investing in TheStorage, while taking a step ahead of competitors in the green transition.
A leading-edge industrial player, heavily reliant on natural gas for continuous high-temperature thermal oil production, is now planning to invest in TES. The goal is to decarbonize operations and gain better control over energy costs. Gas price volatility and rising carbon compliance fees make this shift not just beneficial but essential. This production facility operates 24/7 year-round with a steady 3,7 MW power demand, except for three annual production shutdown weeks. By deploying electrified TES, the company foresees:
• Direct Energy Cost Savings: An impressive annual saving of €1 270 000
• Total Net Savings: Including fuel savings and grid revenue, projected total annual savings soar to €2 200 000
• System Specs: The large-scale TES system will offer a 200 MWh storage capacity, a 7 MW electric charging power and a constant 3,7 MW (thermal) discharging power
This case demonstrates the massive savings potential and revenue opportunities that come with adopting TheStorage in large-scale operations. It also demonstrates that renewable energy is in fact the most cost-effective way to produce heat—even at large scales and processes requiring very high temperatures.
These real-world scenarios illustrate the game-changing value of electrified TES: Sustainability Impact – Drastically cut carbon emissions and align with corporate and regulatory sustainability goals. Substantial Cost Savings – Replace expensive oil, gas, or direct electricity with lower-cost, flexible heat sourced from the grid. Revenue Generation – Leverage TES flexibility to participate in grid balancing services and earn additional income. Enhanced Operational Resilience – Mitigate risks from fuel price volatility and grid disturbances while ensuring a stable heat supply.
At TheStorage, we deliver tailored, turnkey TES solutions for diverse industrial applications. Whether your goal is to cut costs, reduce emissions, or unlock new revenue streams, TES offers a robust, future-proof solution for a sustainable energy future.
Note: These case studies and simulations are based on historical electricity prices and approximate TES performance under those conditions. The projected grid balancing income figures are derived from past simulations using real historical data and in collaboration with third-party providers offering grid balancing services. These projections are illustrative, not guarantees of future outcomes. Actual energy savings and grid balancing income depend on factors such as energy price fluctuations, third-party applications managing charge cycles, participation in reserve markets, specific service agreements, and each factory’s unique energy profile. Future performance and revenue outcomes may vary based on market conditions and the participation of third-party suppliers in the electricity reserve market.
The industrial sector as a whole consumes about 40% of global energy, significantly more than sectors like transport or building-related energy consumption. Over half of the energy consumed by industry is used for heat production, which is essential for various manufacturing processes, from producing food to making steel. 75% of this heat is generated by burning fossil fuels. Electrifying industrial heat and transitioning to renewable energy requires cost-effective energy storage solutions, as industry needs stable heat energy even when the wind isn't blowing, and the sun isn't shining.
TheStorage thermal energy storage system
The company's sand-based thermal energy storage technology provides a highly scalable, cost-efficient, and fossil-free solution for industrial heat, delivering substantial reductions in greenhouse gas emissions while also offering significant cost savings. These savings are achieved by allowing customers to harness abundant, low-cost renewable energy-such as wind and solar-when it is plentiful and inexpensive, storing it as heat. This stored energy can then be converted into a stable, continuous supply of industrial heat, reducing reliance on traditional fossil fuels and lowering overall energy costs.
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Timo Siukkola, Co-Founder & CEO of TheStorage
Investors recognize industrial heat as acritical challenge, as it accounts for 30% of global greenhouse gas emissions. The growth of renewable energy presents a timely opportunity to address this issue. Electrifying industrial heat is not only technologically viable but also economically and environmentally imperative. The global shift to renewable energy offers a unique opportunity to transform industrial energy systems, aligning them with the goals of emission reduction, cost efficiency, and enhanced energy security.
Hendrik Reimand, partner at the venture capital fund 2C Ventures, believes that the technology could play a critical role in addressing one of the largest challenges in green transition.
Hendrik Reimand, Partner at 2C Ventures.
Jussi Pyörre, partner at Superhero Capital shared their excitement about the investment:
"From the moment we first saw the core fundamentals of TheStorage's technology, we knew this was a game-changing innovation. For the massive storage capacities required to decarbonize industrial heat and power systems, TheStorage offers an unmatched cost-efficiency that sets it apart from any other solution we've seen. We are thrilled to support this team as they scale their breakthrough technology."
Jussi Pyörre, Partner at Superhero Capital.
The €1 million investment will enable TheStorage to construct a proof-of-concept system that will be tested in collaboration with several industrial customers at their production sites. This system will demonstrate the technology's ability to meet diverse industrial heat needs, including pressurized hot water, saturated steam, and thermal oil-using the same base system with easily upgradeable discharging units.
The company envisions large-scale Combined Heat and Power (CHP) storage units capable of supplying both electricity and heat to industrial users and district heating systems. These systems use a steam turbine to convert stored thermal energy into electricity and heat, with electricity from the grid acting as the "fuel." This electricity heats the storage material, which can later be discharged to produce steam and run the turbine, providing a continuous energy supply.
Unlike fossil fuels, which require complex logistics and handling, electricity flows directly from the grid, simplifying operations and enhancing flexibility in response to fluctuating energy prices. By repurposing steam turbines once powered by fossil fuels, the company enables a transition to fossil-free energy production while making use of existing infrastructure. These units would also contribute to grid stability by providing the inertia needed to maintain frequency control, which renewable energy sources like wind and solar cannot supply.
TheStorage is actively hiring new talent to join its mission of driving the global energy transition. The company is poised to showcase its unique solution to customers, moving from proof of concept to pilot systems, and eventually to full-scale deployment.
2C Ventures is a cleantech venture capital fund established in 2023 with a mission to help the world tackle climate change. 2C Ventures supports innovative cleantech companies in the Nordics and Baltics, helping to accelerate new business models and technological innovation.
2C Ventures is a cleantech venture capital fund established in 2023 with a mission to help the world tackle climate change. 2C Ventures supports innovative cleantech companies in the Nordics and Baltics, helping to accelerate new business models and technological innovation.
Superhero Capital is a venture capital firm based in Helsinki, Finland, with team members in Finland, Lithuania, Estonia and Latvia. Founded in 2015, Superhero Capital manages four early-stage funds and focuses on seed investments in Finland and the Baltics. The firm's portfolio consists of companies such as Fractory, Cactos, Hamina Wireless and Vapaus.
For media inquiries or to learn more about career opportunities at TheStorage, please contact:
Timo Siukkola
Co-Founder & CEO
timo@thestorage.fi
+358 40 542 7949
The industrial sector as a whole consumes about 40% of global energy, significantly more than sectors like transport or building-related energy consumption. Over half of the energy consumed by industry is used for heat production, which is essential for various manufacturing processes, from producing food to making steel. 75% of this heat is generated by burning fossil fuels. Electrifying industrial heat and transitioning to renewable energy requires cost-effective energy storage solutions, as industry needs stable heat energy even when the wind isn't blowing, and the sun isn't shining.
TheStorage thermal energy storage system
The company's sand-based thermal energy storage technology provides a highly scalable, cost-efficient, and fossil-free solution for industrial heat, delivering substantial reductions in greenhouse gas emissions while also offering significant cost savings. These savings are achieved by allowing customers to harness abundant, low-cost renewable energy-such as wind and solar-when it is plentiful and inexpensive, storing it as heat. This stored energy can then be converted into a stable, continuous supply of industrial heat, reducing reliance on traditional fossil fuels and lowering overall energy costs.
Timo Siukkola, Co-Founder & CEO of TheStorage
Investors recognize industrial heat as acritical challenge, as it accounts for 30% of global greenhouse gas emissions. The growth of renewable energy presents a timely opportunity to address this issue. Electrifying industrial heat is not only technologically viable but also economically and environmentally imperative. The global shift to renewable energy offers a unique opportunity to transform industrial energy systems, aligning them with the goals of emission reduction, cost efficiency, and enhanced energy security.
Hendrik Reimand, partner at the venture capital fund 2C Ventures, believes that the technology could play a critical role in addressing one of the largest challenges in green transition.
Hendrik Reimand, Partner at 2C Ventures.
Jussi Pyörre, partner at Superhero Capital shared their excitement about the investment:
"From the moment we first saw the core fundamentals of TheStorage's technology, we knew this was a game-changing innovation. For the massive storage capacities required to decarbonize industrial heat and power systems, TheStorage offers an unmatched cost-efficiency that sets it apart from any other solution we've seen. We are thrilled to support this team as they scale their breakthrough technology."
Jussi Pyörre, Partner at Superhero Capital.
The €1 million investment will enable TheStorage to construct a proof-of-concept system that will be tested in collaboration with several industrial customers at their production sites. This system will demonstrate the technology's ability to meet diverse industrial heat needs, including pressurized hot water, saturated steam, and thermal oil-using the same base system with easily upgradeable discharging units.
The company envisions large-scale Combined Heat and Power (CHP) storage units capable of supplying both electricity and heat to industrial users and district heating systems. These systems use a steam turbine to convert stored thermal energy into electricity and heat, with electricity from the grid acting as the "fuel." This electricity heats the storage material, which can later be discharged to produce steam and run the turbine, providing a continuous energy supply.
Unlike fossil fuels, which require complex logistics and handling, electricity flows directly from the grid, simplifying operations and enhancing flexibility in response to fluctuating energy prices. By repurposing steam turbines once powered by fossil fuels, the company enables a transition to fossil-free energy production while making use of existing infrastructure. These units would also contribute to grid stability by providing the inertia needed to maintain frequency control, which renewable energy sources like wind and solar cannot supply.
TheStorage is actively hiring new talent to join its mission of driving the global energy transition. The company is poised to showcase its unique solution to customers, moving from proof of concept to pilot systems, and eventually to full-scale deployment.
2C Ventures is a cleantech venture capital fund established in 2023 with a mission to help the world tackle climate change. 2C Ventures supports innovative cleantech companies in the Nordics and Baltics, helping to accelerate new business models and technological innovation.
2C Ventures is a cleantech venture capital fund established in 2023 with a mission to help the world tackle climate change. 2C Ventures supports innovative cleantech companies in the Nordics and Baltics, helping to accelerate new business models and technological innovation.
Superhero Capital is a venture capital firm based in Helsinki, Finland, with team members in Finland, Lithuania, Estonia and Latvia. Founded in 2015, Superhero Capital manages four early-stage funds and focuses on seed investments in Finland and the Baltics. The firm's portfolio consists of companies such as Fractory, Cactos, Hamina Wireless and Vapaus.
For media inquiries or to learn more about career opportunities at TheStorage, please contact:
Timo Siukkola
Co-Founder & CEO
timo@thestorage.fi
+358 40 542 7949
The industrial sector as a whole consumes about 40% of global energy, significantly more than sectors like transport or building-related energy consumption. Over half of the energy consumed by industry is used for heat production, which is essential for various manufacturing processes, from producing food to making steel. 75% of this heat is generated by burning fossil fuels. Electrifying industrial heat and transitioning to renewable energy requires cost-effective energy storage solutions, as industry needs stable heat energy even when the wind isn't blowing, and the sun isn't shining.
TheStorage thermal energy storage system
The company's sand-based thermal energy storage technology provides a highly scalable, cost-efficient, and fossil-free solution for industrial heat, delivering substantial reductions in greenhouse gas emissions while also offering significant cost savings. These savings are achieved by allowing customers to harness abundant, low-cost renewable energy-such as wind and solar-when it is plentiful and inexpensive, storing it as heat. This stored energy can then be converted into a stable, continuous supply of industrial heat, reducing reliance on traditional fossil fuels and lowering overall energy costs.
.jpeg)
Timo Siukkola, Co-Founder & CEO of TheStorage
Investors recognize industrial heat as acritical challenge, as it accounts for 30% of global greenhouse gas emissions. The growth of renewable energy presents a timely opportunity to address this issue. Electrifying industrial heat is not only technologically viable but also economically and environmentally imperative. The global shift to renewable energy offers a unique opportunity to transform industrial energy systems, aligning them with the goals of emission reduction, cost efficiency, and enhanced energy security.
Hendrik Reimand, partner at the venture capital fund 2C Ventures, believes that the technology could play a critical role in addressing one of the largest challenges in green transition.
Hendrik Reimand, Partner at 2C Ventures.
Jussi Pyörre, partner at Superhero Capital shared their excitement about the investment:
Jussi Pyörre, Partner at Superhero Capital.
The €1 million investment will enable TheStorage to construct a proof-of-concept system that will be tested in collaboration with several industrial customers at their production sites. This system will demonstrate the technology's ability to meet diverse industrial heat needs, including pressurized hot water, saturated steam, and thermal oil-using the same base system with easily upgradeable discharging units.
The company envisions large-scale Combined Heat and Power (CHP) storage units capable of supplying both electricity and heat to industrial users and district heating systems. These systems use a steam turbine to convert stored thermal energy into electricity and heat, with electricity from the grid acting as the "fuel." This electricity heats the storage material, which can later be discharged to produce steam and run the turbine, providing a continuous energy supply.
Unlike fossil fuels, which require complex logistics and handling, electricity flows directly from the grid, simplifying operations and enhancing flexibility in response to fluctuating energy prices. By repurposing steam turbines once powered by fossil fuels, the company enables a transition to fossil-free energy production while making use of existing infrastructure. These units would also contribute to grid stability by providing the inertia needed to maintain frequency control, which renewable energy sources like wind and solar cannot supply.
TheStorage is actively hiring new talent to join its mission of driving the global energy transition. The company is poised to showcase its unique solution to customers, moving from proof of concept to pilot systems, and eventually to full-scale deployment.
2C Ventures is a cleantech venture capital fund established in 2023 with a mission to help the world tackle climate change. 2C Ventures supports innovative cleantech companies in the Nordics and Baltics, helping to accelerate new business models and technological innovation.
2C Ventures is a cleantech venture capital fund established in 2023 with a mission to help the world tackle climate change. 2C Ventures supports innovative cleantech companies in the Nordics and Baltics, helping to accelerate new business models and technological innovation.
Superhero Capital is a venture capital firm based in Helsinki, Finland, with team members in Finland, Lithuania, Estonia and Latvia. Founded in 2015, Superhero Capital manages four early-stage funds and focuses on seed investments in Finland and the Baltics. The firm's portfolio consists of companies such as Fractory, Cactos, Hamina Wireless and Vapaus.
For media inquiries or to learn more about career opportunities at TheStorage, please contact:
Timo Siukkola
Co-Founder & CEO
timo@thestorage.fi
+358 40 542 7949
In today’s fast-evolving energy landscape, companies are under pressure to slash operational costs and decarbonize energy processes. At the same time, a golden opportunity emerges - transforming energy consumption into income by contributing to grid stability through the electricity reserve market. Electrified thermal energy storage (ETES) is at the forefront of this transformation.
By leveraging electricity—preferably from renewable sources—to charge thermal storage systems, businesses can replace costly and carbon-intensive fuels, dramatically lower energy costs, and unlock new revenue streams by supporting electric grid balancing services.
Here are three compelling case studies from Finland’s industrial sector that demonstrate the transformative potential of thermal energy storages (TES). These projections are based on real gas prices and electricity spot prices in Finland, with actual savings and grid balancing income determined by each factory’s unique energy consumption profile. Electricity price includes transfer fee and margin for 100% renewable sourced electricity.
Typically, energy consumption in production processes fluctuates. The thermal power produced from TheStorage can accommodate these fluctuations, and it can deliver high peak power outputs to support the customer’s process at all times. These power peaks can be significantly higher than the charging power.
This long-established industrial facility has traditionally relied on natural gas to produce process steam. Now, it's changing direction due to rising fuel costs and growing pressure to reduce carbon emissions. With natural gas prices at €100/MWh, the facility’s steam production faces both cost and volatility challenges. This facility operates on a two-shift schedule, running from Monday to Friday, with highly variable steam power, peaking at 4,7 MW. By embracing electrified TES, the company anticipates:
• Direct Energy Cost Savings: A projected annual fuel saving of €309 000
• Total Net Savings: Including fuel savings and Fingrid’s grid balancing revenue, the facility expects total annual savings of approximately €700 000
• System Specs: The TES system will boast a 50 MWh storage capacity, 3 MW electric charging power and a 4,6 MW (thermal) discharging power
This transformation highlights how TheStorage can be an excellent investment even for small factories while significantly reducing the climate impact of the produced goods.
Another forward-thinking industrial client plans to implement TES to tackle high energy costs and enhance energy flexibility. They are taking this opportunity to position themselves as a leader in reducing carbon emissions and setting a benchmark for sustainability in their sector. This facility operates primarily on a three-shift schedule, running from Monday to Sunday, with variable steam power, peaking at 2,7 MW. By transitioning to electrified TES, they anticipate:
• Direct Energy Cost Savings: A projected annual electricity cost reduction of
€576 000
• Total Net Savings: Combining fuel savings and grid revenue, total annual savings are expected to reach €1 000 000
• System Specs: The TES solution will feature a 100 MWh storage capacity, a 4 MW electric charging power and a 2,7 MW (thermal) discharging power
This case demonstrates how a typical factory can achieve exceptional income by investing in TheStorage, while taking a step ahead of competitors in the green transition.
A leading-edge industrial player, heavily reliant on natural gas for continuous high-temperature thermal oil production, is now planning to invest in TES. The goal is to decarbonize operations and gain better control over energy costs. Gas price volatility and rising carbon compliance fees make this shift not just beneficial but essential. This production facility operates 24/7 year-round with a steady 3,7 MW power demand, except for three annual production shutdown weeks. By deploying electrified TES, the company foresees:
• Direct Energy Cost Savings: An impressive annual saving of €1 270 000
• Total Net Savings: Including fuel savings and grid revenue, projected total annual savings soar to €2 200 000
• System Specs: The large-scale TES system will offer a 200 MWh storage capacity, a 7 MW electric charging power and a constant 3,7 MW (thermal) discharging power
This case demonstrates the massive savings potential and revenue opportunities that come with adopting TheStorage in large-scale operations. It also demonstrates that renewable energy is in fact the most cost-effective way to produce heat—even at large scales and processes requiring very high temperatures.
These real-world scenarios illustrate the game-changing value of electrified TES: Sustainability Impact – Drastically cut carbon emissions and align with corporate and regulatory sustainability goals. Substantial Cost Savings – Replace expensive oil, gas, or direct electricity with lower-cost, flexible heat sourced from the grid. Revenue Generation – Leverage TES flexibility to participate in grid balancing services and earn additional income. Enhanced Operational Resilience – Mitigate risks from fuel price volatility and grid disturbances while ensuring a stable heat supply.
At TheStorage, we deliver tailored, turnkey TES solutions for diverse industrial applications. Whether your goal is to cut costs, reduce emissions, or unlock new revenue streams, TES offers a robust, future-proof solution for a sustainable energy future.
Note: These case studies and simulations are based on historical electricity prices and approximate TES performance under those conditions. The projected grid balancing income figures are derived from past simulations using real historical data and in collaboration with third-party providers offering grid balancing services. These projections are illustrative, not guarantees of future outcomes. Actual energy savings and grid balancing income depend on factors such as energy price fluctuations, third-party applications managing charge cycles, participation in reserve markets, specific service agreements, and each factory’s unique energy profile. Future performance and revenue outcomes may vary based on market conditions and the participation of third-party suppliers in the electricity reserve market.
Most industrial heat production (more than 20 percent of global energy consumption) is generated by fossil fuels. Heat electrification technologies can help decarbonize industry and support net zero.
TheStorage has secured €1 million in funding from 2C Ventures and Superhero Capital to address one of the largest challenges in green transition – decarbonizing industrial heat.
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