German climate technology company Kraftblock has raised a €20 million Series B funding round. The round includes Shell Ventures, Finindus, Moore Strategic Ventures, A&G Energy Transition Tech Fund, TechEnergy Ventures and Future Industry Ventures. Kraftblock was founded in 2014 by chemist Dr Martin Schichtel and economist Dr Susanne König. It provides sustainable thermal storage technology to many industries, enabling the decarbonisation of processes in the energy sector and ‘every industry from food to chemicals, paper, ceramics and steel’.
Where industrial processes require more than 60 per cent of their energy in the form of heat, Kraftblock’s solutions will be a game-changer in ensuring cost-effective and net-zero heat energy availability.Hans Maenhout, Investment Director at Finindus
Global climate goals are designed to ensure that man-made global warming does not exceed 1.5 degrees Celsius under any circumstances. If we do not do so, it will lead to devastating consequences for our planet, some of which we are witnessing today in the form of severe storms and floods. The transition to renewable energy is one of the most important measures. To achieve net zero by 2050, it is also important to decarbonise industry. The decarbonisation of heat has an enormous impact here. It plays a central role in all industrial processes.
This latest financing move will increase the company’s ‘worldwide visibility’. “We have specifically selected investors with roots in sectors such as food, steel and energy that will help us consolidate our market-leading position,” said CEO Schichtel. Kraftblock said the partners “create new opportunities in the US market and provide access to sectors such as mining and energy in Latin America”.