Venture capital backs Electrochaea

Swiss family office Caliza Holding, Nidus Partners-backed Focus First and Germany-based bank KfW also participated in the round.

The fresh funding will be used to further develop Electrochaea's power-to-gas technology and its Copenhagen-based technology demonstration project BioCat. It will also fund the expansion of the international team in Munich and the rights to intellectual property.

b-to-v stated it came across the company via both a recommendation from one of its LPs and through independently meeting one of Electrochaea's co-founders at a Swiss conference.

The company is planning to enter the market by 2016.

Company
Founded by Nidus Partners in 2010 as a spin-off from the University of Chicago, Electrochaea has relocated to Munich as part of the funding round. Its move was prompted by the company's desire to be closer to its key European markets and to work more closely with its strategic partners in Germany, Denmark and Switzerland among others.

The company's power-to-gas technology focuses on energy storage, converting low-cost and stranded electricity into renewable gas. This pipe-grade gas can then be directly pumped into the existing natural gas grid. The energy storage systems make it possible to store the gas for several months, before being used for power production, heating applications and transportation.

People
Martin Kröner is managing partner at Munich Venture Partners. Christian Schütz is partner at b-to-v. Mich Hein is CEO of Electrochaea.

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