The Milan-based, deep-tech startup, Sinergy Flow develops a sustainable, low-cost, high-efficiency flow battery that can store electricity for more than 20 hours, has closed a €1.8 million investment round led by French Italian venture capital firm 360 Capital, which invested through Poli360 fund, in partnership with Politecnico di Milano, and A+360, a fund dedicated to energy transition in collaboration with A2A.
In addition to Tech4Planet, the round saw the creation of the National Technology Transfer Pole for Sustainability at the behest of CDP Venture Capital SGR via the Technology Transfer Fund.
With the money, Sinergy Flow will grow its staff and engage in R&D initiatives to scale the product, validate the technology in an appropriate setting, and get ready for mass production in the upcoming years.
According to Alessandra Accogli, CEO and Founder of Sinergy Flow, “The energy transition is one of the most significant issues humankind has ever faced. We strongly believe that our long-duration, low-cost, sustainable energy storage technology will make it possible.”
“We are happy to go side by side with Sinergy Flow on this path,” said Fausto Boni, General Partner and Founder of 360 Capital. “The challenges of energy transition and LDES are absolute priorities for 360 Capital. We firmly believe that the startup can alter the game in decarbonization thanks to its ground-breaking batteries and utilization of abundant waste materials, and we hope that it can also serve as an example of an international success story that is built in Italy.
The National Technology Transfer Pole for Sustainability, Tech4Planet, was established to assist the evolution of the most promising ideas born within Italian research facilities and bring them to market, according to Claudia Pingue, Head of CDP Venture Capital’s Technology Transfer Fund. In this regard, Sinergy Flow is a particularly noteworthy startup because it operates in the area of energy storage, which is one of the key components in achieving decarbonization goals, and because it does so with an excellent team that has a strong propensity for business growth and internationalization.
It creates a completely compliant redox flow battery that adheres to the principles of the circular economy using inexpensive, earth-abundant materials. The idea of Sinergy Flow is to provide competitively priced, environmentally friendly, high-efficiency flow batteries for power networks. The company has figured out how to use cheap, plentiful resources like sulfur or waste remnants from petrochemical companies, making it practical.
Image Credit: Sinergy Flow