Climate tech
Q2 202410.06.2024

Energy Storage (Q2 2024)

Picture of Freya Pratty

Freya Pratty

at Sifted

The electricity grid has delivered power to our homes and offices for over a century. But, if we’re to transition away from fossil fuels and towards renewable energy, it’s in need of a shake up.

Renewable energy sources are intermittent — we can’t control when the sun shines or the wind blows. That means that as we transition to a greener grid we need to build energy storage systems to store energy when it’s being produced and then deploy it when it’s not.

Startups – and their investors — are cottoning onto the opportunity. Companies are manufacturing energy storage batteries or designing new ones. Others are deploying large-scale batteries that hook into the grid, or working on software to control when batteries dispatch their energy.

Newer areas of innovation are also gaining traction. Thermal energy storage, where energy is stored as heat rather than electricity, has seen an uptick in interest. Thermal storage relies on materials like salt to store energy — a commodity that’s cheaper and more abundant than the critical minerals needed to produce conventional batteries. As the rush for critical minerals increases, we can expect thermal energy companies like Danish startup Hyme (up +2.53) to receive increasing interest.

Data from Dealroom suggests that funding into energy storage lept 45% from 2022 to 2023, hitting $6.6bn last year. It’s important to note that the figure includes some mammoth rounds into Swedish company Northvolt, which produces batteries for electric vehicles and as well as for energy storage.

20 most promising early-stage startups to watch

  • ZE Energy logo

    Sifted score

    6.61
    -0.41

    ZE Energy

    Renewable energy storage and distribution.

    • Strong investor(s)

    • Year founded

      2018

    • HQ

      Paris, France

    • Latest round

      Early VC
      €40m / Nov 2021

    • Total funding

      €44m

    View company profile
  • Hyme logo

    Sifted score

    6.15
    +2.53

    Hyme

    Renewable energy storage and generation.

    • Strong investor(s)
    • Serial founder(s)
    • Hiring

    • Year founded

      2021

    • HQ

      Copenhagen, Denmark

    • Latest round

      Early VC
      €10.9m / Feb 2024

    • Total funding

      €25.1m

    View company profile
  • STABL Energy (Formerly m-Bee) logo

    Sifted score

    5.95
    -0.35

    STABL Energy (Formerly m-Bee)

    Optimized energy storage for renewables.

    • Strong investor(s)
    • Hiring

    • Year founded

      2019

    • HQ

      Munich, Germany

    • Latest round

      Early VC
      €15m / Aug 2023

    • Total funding

      €21.6m

    View company profile
  • RheEnergise logo

    Sifted score

    5.15
    -

    RheEnergise

    High-density fluid for energy storage.

    • Serial founder(s)
    • Hiring

    • Year founded

      2019

    • HQ

      London, United Kingdom

    • Latest round

      Seed
      €0.4m / Feb 2024

    • Total funding

      €13.1m

    View company profile
  • VANEVO logo

    Sifted score

    5.13
    -0.45

    VANEVO

    • Strong investor(s)
    • Serial founder(s)
    • Hiring

    • Year founded

      2018

    • HQ

      Oldenburg, Germany

    • Latest round

      Grant
      €1.7m / Jun 2022

    • Total funding

      €4.2m

    View company profile

Related articles

A16z backs HappyRobot at $1.2bn valuation
AI agentsNews

August 4, 2026

A16z backs HappyRobot at $1.2bn valuation

The startup helps enterprises build, deploy and manage AI agents across complex workflows

By Maya Dharampal-Hornby
EU’s €5bn tech superfund officially open for business
Venture capitalNews

August 4, 2026

EU’s €5bn tech superfund officially open for business

The Scaleup Europe Fund, run by EQT, will be making its first investments in the coming weeks

By Anne Sraders
Exclusive: Nscale to provide compute to Oxford, UCL and Imperial AI researchers
Exclusive

August 4, 2026

Exclusive: Nscale to provide compute to Oxford, UCL and Imperial AI researchers

By Freya Pratty

Pro

Bending Spoons strikes $2.25bn Airtable deal in first acquisition since IPO
Artificial intelligenceNews

August 4, 2026

Bending Spoons strikes $2.25bn Airtable deal in first acquisition since IPO

By Martin Coulter
Nik Storonsky faces lawsuit over €350m superyacht
FintechNews

August 4, 2026

Nik Storonsky faces lawsuit over €350m superyacht

Broker claims Revolut’s founder skirted paying commission

By Damisola Sulaiman
How to build secure and user-friendly AI: ‘If data sits in a silo, it only sees part of the picture’
Artificial intelligenceSponsored by

August 4, 2026

How to build secure and user-friendly AI: ‘If data sits in a silo, it only sees part of the picture’

How to build secure and user-friendly AI: ‘If data sits in a silo, it only sees part of the picture’
Sponsored by Box
12 investors who recently became founders
Venture capitalList

August 4, 2026

12 investors who recently became founders

A growing number of investors are walking away from the cap table to launch their own startups

By Oshin Narang

Pro

Exclusive: Zurich-based Exclaim Robotics comes out of stealth, raises $4.95m
RoboticsExclusive

August 4, 2026

Exclusive: Zurich-based Exclaim Robotics comes out of stealth, raises $4.95m

By Éanna Kelly

Pro

Exclusive: Plural backs $43m round for next-generation battery startup Ore Energy
News

August 4, 2026

Exclusive: Plural backs $43m round for next-generation battery startup Ore Energy

By Martin Coulter

Pro

European robotics startups raised more in six months than past two years combined
RoboticsSifted data

August 4, 2026

European robotics startups raised more in six months than past two years combined

By Tom Nugent

Pro

James Dacombe’s Olix raises at $3.3bn valuation
AI chipsNews

August 3, 2026

James Dacombe’s Olix raises at $3.3bn valuation

The 25-year-old’s company has tripled its valuation to $3.3bn since it raised $220m in February this year

By Tom Nugent
13 technical founders across Europe to watch, according to VCs
DeeptechInvestor survey

August 3, 2026

13 technical founders across Europe to watch, according to VCs

By Maya Dharampal-Hornby

Pro

Index Ventures doubles down on AI with fresh $2bn fundraise
Venture capitalNews

August 3, 2026

Index Ventures doubles down on AI with fresh $2bn fundraise

Fresh capital takes VC's assets to $3.5bn as it expands bets across seed and growth-stage startups

By Martin Coulter
Europe starts enforcing AI Act rules
Policy and regulationNews

August 3, 2026

Europe starts enforcing AI Act rules

Companies found in breach could face fines of up to 3% of their annual global turnover

By Martin Coulter
The billion-dollar question: How will the neolabs actually make money?
Artificial intelligenceAnalysis

August 3, 2026

The billion-dollar question: How will the neolabs actually make money?

By Freya Pratty and Maya Dharampal-Hornby

Pro

Blossom Capital is dipping into defence. Here’s what the VC is looking for
Venture capitalInterview

July 31, 2026

Blossom Capital is dipping into defence. Here’s what the VC is looking for

Maxim Frenkel, partner at Blossom Capital
By Anne Sraders

Pro

What the CEO of Irish unicorn Tines learned from its AI overhaul
Startup lifeAnalysis

July 31, 2026

What the CEO of Irish unicorn Tines learned from its AI overhaul

What the CEO of Irish unicorn Tines learned from its AI overhaul
By Éanna Kelly

Pro

222 spinouts, €4.9bn raised: Europe’s top universities for spinout funding in H1 2026
Analysis

July 31, 2026

222 spinouts, €4.9bn raised: Europe’s top universities for spinout funding in H1 2026

By Oshin Narang and Ellie Apostolidi

Pro

The European startups racing to power the AI boom, mapped
EnergyMarket map

July 31, 2026

The European startups racing to power the AI boom, mapped

Telura site
By Jonathan Sinclair

Pro

EU opens applications for €10bn AI gigafactory scheme
Data centresNews

July 30, 2026

EU opens applications for €10bn AI gigafactory scheme

Companies and investors can now bid to build AI data centres backed by hundreds of millions of euros in public funding

By Martin Coulter
VCs are taking on operator roles. Why?
Venture capitalPodcast

July 30, 2026

VCs are taking on operator roles. Why?

A new trend seems to be gaining steam in Europe: VCs adding a CEO or operator title alongside their investor role

By Maya Dharampal-Hornby
Adyen is coming for agentic payments. Can startups keep up?
FintechInterview

July 30, 2026

Adyen is coming for agentic payments. Can startups keep up?

Adyen is coming for agentic payments. Can startups keep up?
By Damisola Sulaiman

Pro

AI startup Corgi to open 24/7 cafe in London
CommunitiesNews

July 30, 2026

AI startup Corgi to open 24/7 cafe in London

The new Shoreditch venue comes after a bumper first half of 2026 for London

By Maya Dharampal-Hornby
Why European VCs are quietly cheering the chip rout
AI chipsAnalysis

July 30, 2026

Why European VCs are quietly cheering the chip rout

Why European VCs are quietly cheering the chip rout
By Freya Pratty and Tom Nugent

Pro