1 The EIC Accelerator Project

The EIC Accelerator program, part of the European Innovation Council (EIC), aims to support small and medium-sized enterprises (SMEs) and startups with high-impact innovations and deep technology developments. This program is particularly focused on fostering the growth of companies that have the potential to scale up and bring transformative solutions to market. It provides financial support through a blended finance model, combining grants and equity investments, allowing businesses to access necessary funding for their innovations.

Funding Structure

Under the EIC Accelerator, companies can receive substantial funding, which consists of two main components:

Purpose of EIC Accelerator

The EIC Accelerator plays a vital role in the European DeepTech and startup ecosystem by providing essential funding and support to companies that are pioneering innovative solutions. The program not only aims to accelerate the development of cutting-edge technologies but also to foster collaboration between public funding and private investment. By bridging the funding gap, it enables companies to scale effectively and compete on a global scale. The EIC Accelerator's emphasis on innovation and sustainability aligns with the European Union's broader goals of achieving economic growth through technological advancement and environmental responsibility.

Role in Scaling Companies

The EIC Accelerator assists companies in navigating the complex landscape of funding and investment. By providing both grant and equity financing, it allows businesses to minimize financial risks while pursuing ambitious projects. This dual approach encourages private sector engagement, as the involvement of EIC funding can make a company more attractive to investors. The accelerator also offers mentoring, networking opportunities, and access to business development resources, all of which are crucial for startups to scale successfully.

Case Study: HYME STORAGE APS and the HYSE Project

Company Overview: HYME STORAGE APS, based in Denmark, is a pioneering company focused on developing innovative energy storage solutions. The company has emerged as a significant player in the energy sector, aiming to address the growing demand for efficient and sustainable energy storage systems.

Project Overview: The project, known as HYSE (HYdroxide Salt Energy Storage Innovation), was submitted for the EIC Accelerator's Step 2 proposal on November 8, 2023, and subsequently won in the Step 3 interview phase. This project aims to revolutionize energy storage technologies by utilizing hydroxide salt as a medium for energy storage.

Technology Background

The HYSE project focuses on hydroxide salt energy storage, which represents a novel and efficient method for storing energy. Traditional energy storage systems, such as lithium-ion batteries, face limitations in terms of capacity, lifecycle, and environmental impact. In contrast, hydroxide salt storage leverages phase change materials that can absorb and release thermal energy, making it suitable for large-scale energy applications.

The technology operates by utilizing hydroxide salts, which can store thermal energy more effectively than conventional materials. During periods of excess energy production, such as from renewable sources like solar and wind, the system absorbs and stores this energy in the form of heat. When energy demand increases, the stored thermal energy can be converted back into electricity or used directly for heating applications. This approach not only enhances energy efficiency but also contributes to grid stability.

The HYSE project aligns with global sustainability goals by promoting renewable energy utilization and reducing dependency on fossil fuels. It addresses key challenges in energy storage, such as cost efficiency and environmental impact, thereby positioning HYME STORAGE APS as a leader in the emerging energy storage market.

In summary, the EIC Accelerator program plays a critical role in fostering innovative companies like HYME STORAGE APS, providing essential funding and support that enables them to develop and scale groundbreaking technologies like the HYSE project. By bridging the gap between innovation and market readiness, the EIC Accelerator contributes significantly to the advancement of the European DeepTech ecosystem.

2 The Funding Rounds

Financing Raised and Funding Rounds

Hyme Storage ApS (Hyme Energy), based in Denmark, has raised significant financing since receiving EIC Accelerator funding in November 2023. The company completed its second major investment round in December 2023, raising €8.4 million from a mix of existing and new shareholders. This round closed on December 15, 2023. Notable investors in this round include Heartland A/S (the investment arm of Danish billionaire Anders Holch Povlsen), Nordic Makers, North-East Ventures, VÅR Ventures, and the Export and Investment Fund of Denmark (EIFO). Both VÅR Ventures and EIFO joined as new investors during this round.

Prior to this, Hyme raised €10.4 million at its founding in November 2021 through an equity fundraise led primarily by Heartland A/S. In addition to equity investments, Hyme secured grants totaling approximately €10 million for itself and partners across two demonstration projects.

Funding Timeline Overview

Date	Round/Type	Amount Raised	Key Investors
Nov 2021	Seed/Equity	€10.4 million	Heartland A/S; others
Dec 15, 2023	Second Investment	€8.4 million	Heartland A/S; Nordic Makers; North-East Ventures; VÅR Ventures (new); EIFO (new)

Additional grant funding: ~€10 million tied to demonstration projects.

Investor Information

The most prominent investors supporting Hyme Energy are:

• Heartland A/S: The family office of Anders Holch Povlsen.
• Nordic Makers
• North-East Ventures
• VÅR Ventures: Joined with the December 2023 investment.
• Export and Investment Fund of Denmark (EIFO): State-backed fund; also entered during the second investment round.

These backers represent a mix of venture capital firms with regional expertise as well as institutional/state-supported entities focused on innovation-driven sustainability solutions.

Use of Funds & Strategic Progress

Funds from the latest investment rounds are allocated towards completing an industrial-scale pilot plant under construction in Esbjerg, Denmark—referred to as the MOSS project—and advancing technology development for full market entry within energy-intensive industries such as food processing and chemicals. Hyme's molten salt thermal storage systems aim to decarbonize industrial heat production by storing renewable electricity as high-temperature steam.

The company also continues expanding partnerships—such as with Arla Foods—to deploy what is billed as one of the world’s largest industrial thermal energy storage systems at commercial scale.

Company Valuations

There is no public disclosure regarding specific company valuations associated with either funding round or subsequent developments based on available sources up through May 2025.

Exit Events

As of May 6th, 2025:

• There have been no IPOs or public listings involving Hyme Storage ApS.
• There are no reported acquisitions or buyouts involving Hyme.

The company's focus remains on scaling deployment following successful pilot demonstrations rather than pursuing exit events at this stage.

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Sources:

• Hyme Energy secures second investment round
• EU funds sought for 'world's largest thermal energy storage' unit
• Hyme In the News and Updates - Hyme Energy
• Energy storage startup raises close to €8m
• Denmark's Hyme raises $12 million to store energy in 'molten salt'

3 The Press Releases

HYME STORAGE APS: Overview and Developments

HYME STORAGE APS, a Denmark-based company, is recognized for its innovative thermal energy storage solutions. The company has been a recipient of the European Innovation Council (EIC) Accelerator funding, which has significantly boosted its technological advancements and partnerships.

EIC Accelerator Funding

HYME STORAGE APS was awarded a grant of €2.5 million along with an equity investment of €15 million as part of the EIC Accelerator program. This funding has been instrumental in supporting the development of its thermal energy storage technology, which focuses on molten salt solutions.

Technology and Innovation

HYME's energy storage system involves converting renewable electricity into heat stored in molten salt tanks, which can reach temperatures exceeding 500°C. This technology is particularly suited for industries requiring continuous high-temperature steam, such as food processing and manufacturing. The stored heat can power industrial processes, reducing reliance on fossil fuels and aiming for significant reductions in CO2 emissions.

Partnerships

• Arla Foods Partnership: HYME Energy has partnered with Arla Foods to deploy a 200 MWh thermal battery system at Arla's milk powder production facility in Holstebro, Denmark. This collaboration aims to scale up molten salt thermal storage technology for industrial use.
• Alfa Laval Partnership: HYME Energy has collaborated with Alfa Laval to develop specialized steam generators for molten salt thermal energy storage systems. This partnership accelerates the development of equipment tailored for these innovative storage solutions, supporting the decarbonization of steam production in industries.

Funding and Expansion

HYME Energy has raised a total of €25 million to date, including a seed round and convertible notes. The company is now planning a Series A funding round worth €20–30 million to further fuel its expansion and technological development.

Conclusion

Since receiving the EIC Accelerator funding in November 2023, HYME STORAGE APS has significantly advanced its thermal energy storage technology and solidified strategic partnerships. These developments position the company at the forefront of decarbonizing energy-intensive industries through innovative renewable energy solutions.

Sources:

• Unveiling the Latest EIC Accelerator Results: A Comprehensive Analysis
• Hyme x Innovayt // EIC Accelerator
• Hyme Energy Partners with Arla to Scale Molten Salt Thermal Storage Technology
• Alfa Laval and Hyme Energy join forces to accelerate the development of equipment for molten-salt thermal-energy storage

4 The Technology Advancements

Hyme Energy’s Post-EIC Accelerator Progress and Market Advancements

Since securing EIC Accelerator funding in November 2023, Hyme Energy (HYME STORAGE APS) has accelerated its commercialization efforts and technological partnerships. Below is a synthesis of their advancements based on recent developments:

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1. Technology Advancements

Hyme’s molten hydroxide salt energy storage system has undergone technical refinement, particularly in scalability and integration. Key improvements include:

• Corrosion Control: Proprietary technology to manage corrosion in high-temperature molten salts, critical for long-duration storage[^3^].
• Efficiency: The system achieves up to 90% efficiency for industrial heat applications and 40% for power generation[^3^], with recent optimizations likely enhancing operational reliability.
• Material Innovation: Use of sodium hydroxide (derived from seawater) reduces costs compared to conventional salts, a strategic advantage emphasized post-funding[^3^][^7^].

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2. Commercialization Milestones

• Pilot Deployment: The MOSS demonstrator plant in Esbjerg, Denmark—a collaboration with Din Forsyning—was inaugurated in April 2024, validating the technology at megawatt scale (1.2 MWh). This system stores renewable energy as heat at up to 600°C.
• Arla Foods Partnership: A landmark deal signed in late 2024 aims to deploy a 200 MWh system at Arla’s Holstebro milk powder factory, projected to eliminate fossil fuel use for process heat and save €3 million annually. The partners are actively seeking EU funds (~€285 million pool available via EIC Accelerator) but have not yet confirmed final approval as of early 2025.

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3. Strategic Collaborations

• Sulzer Partnership: Joint development of vertical turbine pumps optimized for molten salt circulation at extreme temperatures (600°C), focusing on durability and performance enhancements. This collaboration builds on the MOSS project’s success.
• Grid Services Integration: Plans include revenue generation through grid stabilization services for Energinet, Denmark’s transmission operator, leveraging bidirectional energy flow capabilities mentioned post-funding announcements.

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4. Intellectual Property & Research Outputs

While no new patents or peer-reviewed studies are explicitly cited since November 2023, Hyme emphasizes proprietary advancements such as:

• Two-Tank System Design: Adapted from CSP plants but modified for industrial steam demand cycles.
• (Implicit IP Focus) Corrosion mitigation methods and material formulations likely underpin ongoing R&D efforts referenced by CEO Emil Løvschall-Jensen during partnerships announcements .

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Conclusion: Scaling Industrial Decarbonization Solutions

Hyme Energy has transitioned from pilot validation (MOSS) to large-scale industrial deployment (Arla), positioning itself as a leader in high-temperature thermal storage solutions post-EIC funding acceleration.

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Sources Used:

Denmark's Hyme prepping 'world's biggest' industrial thermal energy storage

5 The Partnerships and Customers

HYME STORAGE APS: Partnerships and Collaborations

HYME STORAGE APS, a Danish company known for its innovative molten salt energy storage solutions, has been actively engaged in strategic partnerships and collaborations since receiving the EIC Accelerator funding in November 2023. These partnerships are crucial for advancing its technology and scaling its market presence.

Partnerships

Nature and Purpose of New Relationships

These partnerships are designed to drive technological advancements and accelerate the scaling of HYME Energy's molten salt storage solutions:

• Technological Advancements: Collaborations with Sulzer and Alfa Laval focus on optimizing equipment and system integration to enhance the competitiveness and efficiency of molten salt thermal energy storage.
• Scaling and Market Positioning: Partnerships with Arla Foods and Semco Maritime are strategic for scaling up the technology for industrial applications, positioning HYME Energy as a leading provider of sustainable energy storage solutions.
• Decarbonization: All partnerships aim to support the decarbonization of industrial heat processes by integrating renewable energy sources and reducing reliance on fossil fuels.

Impact on HYME STORAGE APS

These partnerships will significantly enhance HYME Storage APS's market position by:

• Advancing Technology: Collaboration with established companies like Sulzer and Alfa Laval will improve the efficiency and scalability of molten salt energy storage.
• Scaling Industrial Applications: Partnerships with Arla Foods and others will help deploy the technology in various industries, promoting widespread adoption.
• Market Leadership: By being at the forefront of decarbonizing industrial heat, HYME Storage APS will establish itself as a leader in sustainable energy solutions.

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Sources: - Sulzer and Hyme Energy Join Forces

• Alfa Laval and Hyme Energy Join Forces
• Sulzer Partners with Hyme Energy
• Alfa Laval and Hyme Energy Collaboration
• Hyme Energy Partners with Arla
• Semco Maritime and Hyme Energy Partnership

6 The Hiring and Company Growth

HYME STORAGE APS, operating as Hyme Energy, is a Danish company specializing in innovative thermal energy storage solutions, particularly for industrial processes. Since its founding in 2021, Hyme has been at the forefront of decarbonizing industrial heat through its pioneering technology. Here’s an overview of the company’s growth and team dynamics:

Overview of Hyme Energy

Hyme Energy converts affordable renewable energy into high-temperature, decarbonized steam, providing cost-effective and green process heat to various industries like food and beverages, chemicals, and pharmaceuticals. This technology utilizes molten salt to store energy for extended periods, enabling industries to transition to sustainable energy sources without disruptions to their operations.

Team and Hiring

While specific details about Hyme's current headcount or team size are not readily available, the company consists of a diverse team of highly skilled engineers, scientists, and business experts from around the globe. There is no public information indicating whether Hyme is currently hiring, but its growth trajectory suggests continuous expansion and innovation.

Growth and Recent Developments

Hyme has experienced significant growth since its inception. In 2023, the company successfully secured EIC Accelerator funding, marking a crucial milestone in its development. Recent partnerships, such as the global deal with Arla to develop the world's largest industrial thermal energy storage system, highlight Hyme's strategic growth. This project aims to reduce CO2 emissions significantly and generate substantial cost savings for Arla, positioning Hyme as a leader in decarbonizing industrial processes.

Key Positions and Impact

Key positions in companies like Hyme often include roles in engineering, research and development, and commercial strategy. While specific recent hires are not detailed, the addition of new team members would likely focus on enhancing the company's technological capabilities and expanding its market presence. These new hires would be crucial for scaling Hyme's operations and driving further innovation in energy storage solutions.

Future Prospects

The addition of new team members and the securing of significant partnerships and funding position Hyme for substantial future growth. As the company continues to develop its thermal energy storage solutions, it is poised to play a critical role in the global effort to decarbonize industrial processes. Hyme's ability to integrate seamlessly with existing infrastructure makes its technology attractive to industries seeking sustainable solutions without operational disruptions.

Management and Founding Team

Hyme was spun out of Seaborg in 2021, with its founding team including key figures like Ask Emil Løvschall-Jensen as CEO and co-founder. There is no recent information on major changes in management or the founding team.

Conclusion

Hyme Energy's innovative approach to thermal energy storage has positioned it as a leader in sustainable energy solutions. With ongoing partnerships and funding, the company is set to continue its growth trajectory, driving decarbonization efforts across various industries.

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Sources: - Hyme Energy

• Press Release | Seaborg | Hyme
• Hyme Logo & Brand Assets
• Sulzer partners with Hyme Energy to revolutionise renewable energy storage
• Three years after cracking cheap solar storage, Hyme plans the world’s largest thermal energy storage system
• Sulzer, Hyme Energy to commercialize novel molten salt energy storage
• Seamless integration

7 The Media Features and Publications

HYME STORAGE APS: A Danish Pioneer in Thermal Energy Storage

HYME STORAGE APS, based in Denmark, has been making significant strides in the field of thermal energy storage since receiving the EIC Accelerator funding on November 8, 2023. The company's innovative approach to decarbonizing industrial heat has garnered attention from various media outlets and industry publications.

Media Features and Publications

HYME Energy has been featured in several prominent publications, including TechCrunch and Sifted. In December 2024, TechCrunch reported on HYME's global deal with Arla to scale thermal storage tech, highlighting the company's expanding reach in industrial decarbonization. Sifted noted Hyme's plans for the world’s largest thermal energy storage system, emphasizing the company's ambition to revolutionize green energy storage.

Additionally, State of Green has recognized Hyme Energy as a deep tech startup dedicated to making green heat accessible to industries, further emphasizing the company's role in sustainable energy solutions.

Podcasts and Interviews

One notable podcast appearance by the Hyme Energy team is the "Battery & Storage Podcast," where Nis Benn, Co-Founder and Chief Commercial Officer, discussed the company's groundbreaking thermal storage solutions. Benn shared insights into Hyme's technology and its potential to transform the energy landscape by enabling industries to adopt green heat more effectively.

Conference and Fair Visits

While specific conference participation details are not readily available, Hyme Energy's involvement in large-scale energy projects and collaborations suggests active engagement with industry events. For instance, the company is part of the MOSS project, which includes a consortium of partners like Alfa Laval and Sulzer, indicating a strong presence in collaborative energy initiatives.

Involvement in Events

Hyme Energy was involved in the world premiere for green energy storage in Esbjerg, Denmark, marking the launch of its pioneering thermal energy storage facility. This event underscores the company's commitment to showcasing its innovative technologies and engaging with stakeholders in the energy sector.

Conclusion

Since securing EIC Accelerator funding in November 2023, HYME STORAGE APS has continued to advance its mission to decarbonize industrial heat through innovative thermal energy storage solutions. The company's achievements and partnerships reflect its growing influence in the sustainable energy sector.

Sources: - Hyme Energy

• Hyme Energy | Connect and explore latest solutions - State of Green
• About Hyme Energy
• Hyme Energy company information, funding & investors | Dealflow.eu
• HYME — KIRT x THOMSEN
• Molten hydroxide salt energy storage inaugurated in Denmark
• A Thermal Storage Revolution With Nis Benn, Hyme Energy
• A Thermal Storage Revolution With Nis Benn, Hyme Energy
• Denmark’s Hyme prepping ‘world’s biggest’ industrial thermal energy storage system