Stockholm, Sweden - The transition to replace fossil fuels with renewable, green energy has been moving at anunprecedented rate in the last decade. However, the expansion of the renewable energy industry doesn’t come without its challenges - especially where energy storage is concerned. Intermittentrenewable energy, such as wind and solar, require a means of storing energy, since the sun isn’talways shining and the wind isn’t always blowing. Rapidly emerging technologies in the formof Redox Flow Batteries and hydrogen can provide the perfect solution, where energy can bestored and discharged upon demand. Cellfion is here to enable these solutions and ensure sustainability with their unique biobased membranes. The unique characteristics and raw materials of Cellfion’s membrane is what sets them apart intoday's market. Cellfion’s technology is made from the most abundant biopolymer on theplanet, cellulose, derived from wood. By extracting cellulose nano fibrils from wood, and modifying the surfaces, the fibrils can be fabricated into sheets of membranes that can be used as critical components in energy storage and conversion devices, such as Redox Flow Batteries and fuel cells. The fact that Cellfion’s membranes are made from an abundant forest materialmakes them not only sustainable, but also cost-effective.
State-of-the-art commercial membranes are often made from PFAS-based substances, asubstance the EU Commission will put restrictions on during 2023. With these restrictions, theneed for alternative membranes is expected to grow massively, and impact start-up Cellfionaims to be at the forefront of this movement.
Cellfion stems from 10 years of research at KTH Royal Institute of Sweden, LinköpingUniversity and RISE. When taking the steps from research to a commercial product, it'simportant to surround the company with good partners that are long-term and believe in thecompany’s mission. Cellfion has now secured a seed investment of 14 million SEK fromAlmi Invest Green Tech, Voima Ventures, Klimatet Invest, LiU Invest and KTH Holding.
”With our investment in Cellfion, we drive the development of an innovative material forenergy storage solutions that enables the transition to renewable energy and thereby reducesgreenhouse gas emissions”, says Karin Edström, Investment Manager at Almi InvestGreenTech. “With their bio-based membrane, which is both cost-effective and more tunablethan today's commercial membrane, Cellfion has a strong position to enter the market”. “This is what deep tech investing is all about, solving big problems that really matters. Thereare huge amounts of energy that are being lost from renewable energy sources due to thelimitations of energy storage. Membranes is of the most crucial components to reach highefficiency. With an ambition to replace toxic and fossilbased membranes, the potential forCellfion is huge. Additionally, the accelerating energy crisis makes the demand for sustainablesolutions greater than ever, and Cellfion has the potential of becoming the new market leader”,states Jenny Engerfelt, Investment Director at Voima Ventures.
The equity injection enables Cellfion to continue the development towards being a scalable manufacturer of sustainable membranes. In the coming years, the company plans to expand their team, begin their rapid prototyping by working with customers and partners, and focus on getting their first product to market. Cellfion’s ambition is to green energy devices.
“If the clean energy industry is to become sustainable, we need to ensure that the materials we are using are also truly sustainable,” says Magnus Wikström, Director of Board at Cellfion.
About Voima Ventures
Voima Ventures is a deep tech fund that invests purely in startups with a background in deep tech and science.Voima Ventures’ mission is to solve major global problems by combining science, entrepreneurship, and capital.Voima Ventures’ industry domains include bio and new materials, medical technologies and life sciences, imagingand optics, IoT and electronics, robotics, software & ICT and AI. In addition, Voima Ventures is managing aportfolio of VTT Ventures with 20 prominent deep tech companies including Solar Foods, Paptic, and Dispelix.Cornerstone investors include VTT Technical Research Centre of Finland and European Investment Fund (EIF),backed by Finnish private and institutional investors. https://voimaventures.com/
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