Start-up is driving the electrification of industrial processes
The start-up SolidWatts has secured CHF 1.8 million in seed funding from Swiss and European investors. This will accelerate the development and market launch of its solid-state high-frequency technology, which provides fossil-free process heat to energy-intensive industries.
SolidWatts has announced the completion of a seed funding round. The Vaud-based start-up, founded in late 2022, has raised 1.8 million Swiss francs. According to a press release, existing investors Evercurios VC (Athens), Kickfund (Basel) and Axel Carbon Capital (Milan) have continued their support. New investors include Uni.Fund and Investing for Purpose, both based in Athens, Loggerhead Ventures from Thessaloniki, and the British investor Almanac Ventures.
In developing his solid-state high-frequency platform, SolidWatts CTO and founder Dr Markus Aicheler, then a postdoctoral researcher at CERN, drew inspiration from the Geneva-based nuclear research centre’s pioneering work in high-frequency (HF) solid-state technology. Whilst CERN uses this technology for scientific applications, the scientist recognised its potential to replace fossil fuels in industry. HF enables high-power dielectric heating “with an efficiency and scale that make it suitable for direct use in conventional fossil fuel-based processes for the first time”, according to the start-up, which is supported by the Swiss Climate Foundation, in the press release.
“This investment is a huge endorsement of our mission to fundamentally transform the industry’s energy consumption,” Aicheler is quoted as saying. “It enables us to bring HF technology up to the power and efficiency levels that the industry actually needs.” The seed funding will be used to scale up the SolidWatts platform to higher power levels and to carry out pilot projects with industry partners and customers who are actively seeking to reduce their energy consumption and costs through the electrification of heating processes.
“SolidWatts is shaping the future of industrial resilience,” says George Georgiadis, partner at Evercurious VC and representative of the investor group. “Its technology boosts efficiency and offers a clear path away from dependence on fossil fuels.” The group is backing “an innovator founded in Europe and equipped for the world”.