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Cleantech startup Exergy3 announced that it has raised £10 million (USD$13.5 million) in a seed […]]
Exergy3 Raises $13.5 Million to Decarbonize Industrial Heat with Unused Renewable Energy – ESG Today
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Exergy3 Raises $13.5 Million to Decarbonize Industrial Heat with Unused Renewable Energy
Kenny Fisher
April 21, 2026
Cleantech startup Exergy3 announced that it has raised £10 million (USD$13.5 million) in a seed funding round, with proceeds to be used to scale its technology designed to address 2 key energy challenges by converting surplus renewable power into clean industrial heat.
Industrial heating uses high amounts of energy, often from fossil fuel-based sources, in order to transform materials into products such as metals and plastics, and is particularly difficult to decarbonize, due to its requirement for high, continuous temperatures across a wide range of processes. At the same time, increasing volumes of renewable electricity are being wasted as grids struggle to absorb renewable generation in real time.
Founded in 2023 as a University of Edinburgh spinout, Exergy3 develops ultra-high temperature thermal energy storage solutions, aimed at addressing this mismatch. Its technology converts surplus renewable electricity, such as curtailed wind power, into high-temperature heat for industrial use, converting excess generation into a usable energy source rather than being wasted.
The company said that its modular system is designed for rapid integration across industrial environments, converting renewable electricity into process heat ranging from 50°C to 1,200°C. The units are compact and require minimal infrastructure, enabling deployment across a wide range of applications, from direct heat use to steam generation in energy-intensive industries.
Markus Rondé, CEO of Exergy3 said:
“These are two sides of the same problem. Industry needs reliable, high-temperature heat, while large amounts of renewable electricity are going to waste. Exergy3 brings them together – turning surplus renewable power into reliable, low-cost heat for industry. That means lower emissions, lower energy costs, and a more resilient energy system.”
According to Exergy3, the funding round follows the company’s successful delivery of its first-of-a-kind system and validation of the technology in real-world conditions, with the new capital to be used to fund its next phase, including, scaling manufacturing capacity, expanding the team, and enabling broad deployment across industrial sites. Exergy3 said that it plans to double its headcount by the end of the year, and to open a Munich office later this quarter as part of its expansion into Germany.
The new funding round was led by Axeleo Capital, alongside new investors Bayern Kapital and Singapore-based Kibo Invest, with the participation of existing investors Scottish Enterprise, Zero Carbon Capital and Old College Capital, the University of Edinburgh’s in-house venture investment fund. The raise follows a £1M (USD$1.35 million) pre-seed round in 2024.
Guillaume Sarlat, Venture Partner, Axeleo Capital said:
“Decarbonising heavy industry – accounting for over 20% of global energy consumption and still largely fossil-based – is arguably one of today’s most compelling climate hardware venture capital opportunities in Europe. Exergy3 uniquely leverages curtailed and negative-priced renewable electricity, storing it at ultra-high temperatures to deliver low-cost, zero-carbon heat to industrial customers.”
Kenny Fisher
Kenny Fisher is a writer and editor covering ESG, finance, and broader business trends. Most recently, Kenny worked as a content writer at Oanda, a leading online currency trading firm. His articles have been featured on major business and financial online media platforms.
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