Early-Stage District Heating and Cooling startup ExerGo closes seed financing round with the investments of Baker Hughes and EREN Groupe
Yverdon-les-Bains – Switzerland – 20 September 2022 – ExerGo announced today a €3.2 million equity investment from Baker Hughes, EREN Groupe and existing investors. This investment will help the company to strengthen its intellectual property and accelerate the commercialization of its offering, in Switzerland and Europe.
ExerGo’s technology uses captured CO2 and turns it into a working fluid for energy transport in district heating and cooling systems. Following ten years of R&D efforts at Swiss Federal Institute of Technology Lausanne (EPFL), this innovative technology has been patented internationally. The CO2 runs through a flexible pipe system connecting buildings with renewable resources and waste heat sources combined with standard heating or cooling pumps and exchangers. This increases the energy efficiency, making decarbonization of thermal energy services in dense urban areas more affordable, accessible and reliable.
ExerGo’s CO2 network has up to ten times higher energy density than water-based ones. As a result, the engineering, procurement and construction of its system ensures significant savings in energy, and installation cost and time. The pilot plant in Sion (Valais, Switzerland) uses CO2 to source low-temperature energy from the underground water table and distributes it to the three buildings’ heat pumps and exchangers of this Energypolis Campus providing heating and cooling services all year round.
Supplying equivalent amounts of heating power as for cooling, the solution is scalable in various climate zones. After the installation in Sion, ExerGo won the first tender with a leading utility in Switzerland, and multiple commercialization projects are under way.
Alberto Mian, CEO, ExerGo: “Our ready-to-deploy CO2 loop technology is a stepping stone in the energy transition. It is a safe, sustainable and scalable solution for a wide range of urban and industrial applications. Using renewable resources and waste heat we are ensuring a consistent and reliable flow of energy services to the communities that we serve. We thank our new investors Baker Hughes and EREN Groupe for contributing to our mission.”
Luca Maria Rossi, VP New Frontiers, Baker Hughes: “Our investment in ExerGo shows our ongoing commitment to advancing technologies that will help achieve climate targets. ExerGo’s innovative concept of using CO2 as a working fluid can unlock a wide range of industrial applications, including emissions capture and storage, and geothermal heating. This investment will also benefit from Baker Hughes’ decades of expertise in oilfield services, equipment manufacturing and digital solutions.”
Pâris Mouratoglou, Founder and Chairman of the Supervisory Board, EREN Groupe: “ExerGo brings a unique solution for more compact and efficient urban energy networks. The technology demonstrates a great potential to accelerate the implementation and renovation of urban district cooling and heating networks. Combined with renewable thermal energy sources, this system brings the opportunity to significantly reduce the cost and carbon footprint of distributed energy use in cities. We are thrilled to partner with the professional and expert team of ExerGo”.
This round of fundraising will enable the company to continue advance its technology, gain new customers and expand its business internationally. It will also strengthen ExerGo’s competitive edge through further technical developments in tight cooperation with strong industrial partners.
About ExerGo (www.exergo.ch) :
Harnessing renewable resources and waste heat, ExerGo is turning captured CO2 into a dense, low-temperature fluid. Its heating and cooling solution saves 80% of primary energy and can save up to 100% of CO2 emissions compared to traditional fossil-fuel based systems. In addition, compared to low-temperature water networks it is ten times denser saving implementation time and cost. ExerGo is committed to provide affordable and reliable green energy services to communities around the world.
Learn more about ExerGo on www.exergo.ch, and by following us on LinkedIn.
About Baker Hughes (www.bakerhughes.com) :
Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com
About EREN Groupe (https://eren-groupe.lu/) :
Founded more than 20 years ago by Pâris Mouratoglou, the EREN Group is a player dedicated to the preservation of natural resources. It remains the pioneer of renewable energies in Europe and today holds, through its subsidiary Total Eren, nearly 3.5 GWhs of renewable energy assets in operation or under construction across the five continents. At the same time, the EREN Group has developed expertise in reducing the energy consumption and therefore the carbon footprint of buildings, through the optimization of their control systems and the use of thermal geostorage. Finally, it has historically been a committed player in the worlds of sports and music, notably through the Patrick Mouratoglou Tennis Academy and the Medici company, the latter of which is the world leader in classical music.
-Brunswick : Agnès Catineau, EREN@brunswickgroup.com, Tel : +33 1 53 96 83 83
-ExerGo : Felicia Noreskar, Communications and Marketing Manager, firstname.lastname@example.org,
Tel : +41 79 921 43 82
–Baker Hughes : Adrienne Lynch, Sr. Manager, Media Relations, Adrienne.email@example.com,
Tel : +1 (713) 906-8407
–EREN Groupe: Thierry Faugeras, Membre du Directoire, EREN Industries, thierry.faugeras@EREN-groupe.com,
Tel : (+ 352) 28 56 24 203