Finnish Climate Fund

Investment in Heat Storage Company Elstor

05/10/2021

We advised the Finnish Climate Fund when it invested in Elstor Oy to speed up the rollout of their energy solution, particularly to small- and medium-sized industrial companies. Elstor’s heat storage solution can replace fossil fuels in the production of heat and steam for industrial processes and energy generation.

Elstor has developed a solution that stores electricity as heat energy, which is then discharged as heat or steam as required for the customer’s processes. The company currently has two pilot units: one for heat and one for steam production.

In Finland, the market potential of the solution is nearly half a million tonnes of reduced emissions, which accounts for approximately one percent of Finland’s total emissions.

The Finnish Climate Fund is a Finnish state-owned special-assignment company. Its operations focus on combating climate change, boosting low-carbon industry and promoting digitalisation. Approximately 65% of the Climate Fund’s investments relate to climate change and about 35% to climate-related digitalisation.

Elstor Oy develops and manufactures chargeable heat storage solutions for industrial heat and steam production. Elstor’s solution enables carbon-neutral, emission-free and cost-efficient generation of heat energy.

The Team

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