Sinergy Flow, a deep-tech startup from the PoliHub community that develops innovative batteries for the energy transition, 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. The round was also followed by Tech4Planet, the National Technology Transfer Pole for Sustainability established on the initiative of CDP Venture Capital SGR through the Technology Transfer Fund.
Energy production is today one of the main culprits of greenhouse gas emissions, largely relying on fossil fuels. In the EU, more than 10300 TWh are consumed annually and only 11.8% is produced through renewable power sources (2020, Eurostat). To meet the decarbonization targets, it is thus necessary to reshape the production, storage, and distribution of electricity. Indeed, despite these technologies being consolidated, price-competitive, and scalable, their penetration is still limited by an inadequate energy ecosystem. This is mainly due to the lack of supportive systems, such as energy storage devices, which act on the unbalance between intermittent power production and the energy demand. In this regard, the possibility to store energy on a multi-day basis, the so-called long-duration energy storage (LDES), is considered a requirement to fully decarbonize the electrical grid, promoting the penetration of renewables and making a zero-emission energy system possible (McKinsey 2021*). Based on this increasingly urgent need, Sinergy Flow aims to revolutionize the stationary storage industry through the development of a sustainable, low-cost, high-efficiency flow battery that can store electricity for more than 20 hours. In addition, the exploitation of inexpensive and abundant materials (e.g. sulfur – petrochemical industry byproduct) enabled the startup to reach an extremely lower COGS (i.e. cost of goods sold) compared to commercially available solutions. With the raised capital, the startup will expand its team and pursue R&D activities, validating the technology in a relevant environment, scaling the device, and preparing for the mass production in the coming years. “The energy transition is one of the most important challenges the humankind has ever faced, and we strongly believe that our long-duration, low-cost, sustainable energy storage technology will make it possible,” says Alessandra Accogli, CEO and Founder of Sinergy Flow. Fausto Boni, General Partner and Founder of 360 Capital, comments, ” We are very happy to step side by side with Sinergy Flow on this path, as the issues of energy transition and LDES are absolute priorities for 360 Capital. We strongly believe that the startup, thanks to its revolutionary battery and the use of abundant waste-materials can be a gamechanger on decarbonization and we hope that it can also represent an international success story, made in Italy”” Claudia Pingue, Head of CDP Venture Capital’s Technology Transfer Fund, comments, “The National Technology Transfer Pole for Sustainability, Tech4Planet, was created to support the growth of the most promising technologies born within Italian research centers and bring them to the market. Sinergy Flow is a particularly significant startup in this sense because it operates in the segment of energy storage, which is one of the fundamental building blocks for achieving decarbonization goals, and it does so with an outstanding team, with a great propensity for business development and internationalization.” Sinergy Flow was assisted in the transaction by the law firm Orrick, Herrington & Sutcliffe LLP, with the team consisting of lawyers Alessandro Vittoria and Pietro Fazzini. *McKinsey (2021) Net-zero power: Long-duration energy storage for a renewable grid.