Norwegian Photoncycle Raises €15 Million to Scale Seasonal Energy Storage and Strengthen Europe’s Energy Resilience

Photoncycle, the year-round solar energy system for heating and electricity for your home, led by Bjorn Brandtzaeg, Per Hjalmarsson, Sebastian Gutterød, Elina Koivisto, and Koray Abatay, has raised €15M in Series A funding led by NordicNinja and Voima Ventures, Nordic's leading deep-tech and energy transition investors, with participation from existing investors Lifeline Ventures, Eviny Ventures, Luminar Ventures, and Momentum.

The funds will support the commercial rollout in Denmark and the Netherlands and fund the first phase of an industrialisation plan, including a proposed 1.4-terawatt-hour annual manufacturing facility.

Europe continues to face structural energy vulnerabilities following the 2022 crisis. In 2025, the EU imported €396 billion worth of fossil fuels, about €880 per citizen, highlighting continued dependence on external supply. Winter remains particularly challenging, as space heating accounts for 62.5% of household energy use and natural gas still plays a major role in residential consumption.

At full scale, Photoncycle’s proposed 1.4 TWh manufacturing facility could enable seasonal energy storage for roughly 140,000 homes, each storing about 10,000 kWh. The company’s distributed household storage aims to reduce winter gas demand and lower Europe’s reliance on fossil fuel imports.

Photoncycle plans to offer the system through a subscription model that includes rooftop solar panels, 10,000 kWh of seasonal energy storage, and full servicing. The setup is designed to increase household energy independence and make heating and electricity costs more predictable, reducing overall energy expenses by around 30% on average.

Interest is already strong, particularly in Denmark, where energy prices are among the highest in Europe and around 300,000 homes still rely on gas-based heating systems scheduled to be phased out by 2035.

Bjørn Brandtzæg, founder and CEO of Photoncycle, said the company is focused on bringing seasonal energy resilience closer to consumers. He noted that while Europe is starting to solve short-duration energy storage, the remaining challenge is seasonal storage, allowing households to store low-cost solar energy generated in summer for use during winter, reducing reliance on imported fuels, price volatility, and rising grid costs.

Tomosaku Sohara, Co-Founder and General Partner at NordicNinja, said energy sovereignty must be strengthened across Europe and Asia. He noted that Photoncycle combines strong technical innovation with a scalable path to global deployment, adding that long-duration energy storage will be essential for building resilient and reliable clean energy systems in Europe, Japan, and beyond.

Inka Mero, Founder and Managing Partner at Voima Ventures, said seasonal storage is becoming essential as renewable energy increases and electricity markets grow more volatile. Photoncycle helps households store energy across seasons, reducing reliance on imported fossil fuels and strengthening Europe’s energy resilience.

The Series A funding will support scaling manufacturing and early commercial deployment in Denmark, followed by expansion into major European markets, including the Netherlands, with future opportunities in Asia and the US.