Clean energy startup Good Heat raises $2m to electrify industrial heat
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The news: Clean energy startup Good Heat has raised $2 million in pre-seed funding to kickstart its first large-scale project in Victoria.
The context: Backed by Understorey Ventures, Investible, 2100VC and Foobar VC, Good Heat aims to replace gas with renewable-powered thermal energy storage systems.
The startup's "heat-as-a-service" model is designed to finance, build, and operate thermal energy storage installations, so its customers buy heat without any hardware.
Good Heat manages the heat battery through its energy management system, with the aim of lowering energy bills and reducing emissions.
Its first large-scale project in Victoria will help a major manufacturer save over $1.5 million annually while cutting carbon from gas combustion, the company said.
The source: Good Heat media release
