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Climate change has become one of the biggest issues in today’s world. People are now becoming cautious that harming the environment is the major cause of the gradual increase in temperature. And, now many startups are focusing on this sector in an attempt to reduce the negative impact on the environment by opting for the greener and more sustainable methods in various aspects.
Founded in 2014, Teraloop is one such cleantech startup based in Espoo, Finland. This startup has developed an alternative model to electrochemical batteries for storing energy. It is a flywheel, which is a mechanical device design to store rotational energy efficiently.
Raised €2.4M funding
Now recently, Teraloop has announced that it has raised €2.4 million funding from EU’s Horizon 2020 SME programme. This funding will be used by the cleantech startup to develop a roadmap for the commercial implementation of 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.”
Teraloop’s flywheel energy storage device
This device was designed to meet the power management requirements of industrial consumers who need lots of energy. With this device, it is possible to increase the sustainability of their process and save costs via load management. Also, revenue generation becomes possible with this energy storage device.
With this energy storage device, the Finnish startup will provide the most efficient technology for the high turnout of everyday storage requirements. This device has a strong potential within the flywheel industry as it reduces environmental impact, improves storage and extends traditional advantages of implementing flywheel technology. Some of these benefits include high efficiency, scalability, long service life and flexible charging and discharging capabilities.
How’s it helpful for the environment?
Teraloop works with a long-term renewable, sustainable and circular vision. The team believes that growth no longer needs to be achieved at the detriment of the environment. The startup provides a highly efficient method to store energy that can operate in synergy with renewable generation assets. It provides a fully renewable electricity generation system that safeguards the natural resources for generations to come.
Sustainable carbon fibre in the pipeline
Earlier this year, Teraloop started developing a tailored carbon fibre, which is sustainable to produce as well as optimise to be used as a support in a flywheel rotor. The energy storage device of this startup relies on huge amounts of fibre to ensure efficiency in storing energy on a large scale. And, it is important to develop this fibre without fossil resources. As of now, the best-performing fibres are made using oil-based polymers and there is a requirement for more sustainable alternatives.
The development of this high-performance and sustainable carbon fibre carried out along with Aalto University will also benefit other industries. It can be used to make lighter cars with lesser fuel requirements.
Stay tuned to Silicon Canals for more updates in the tech startup world.