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Seasalt Group
Solving the climate crisis and eradicating energy poverty through innovative nuclear and energy storage solutions.
- Cleantech, SDG&Impact
- Series A
Location
Copenhagen, Denmark
Revenue size
0 (pre-revenue)
Year founded
2015
Funding raised
EUR 41.5 million
Founders
Troels Schönfeldt, Eirik Petterson, Ask Løvschall-Jensen, Andreas Vigand Schofield, Esben Klinkby, and Navid Samandari
Most relevant investors
Heartland A/S, angels, private corporations (undisclosed)
Team size
+110
Problem
The world is facing the incomprehensible challenge of limiting the increasing global temperatures. Significant emission reductions have to be made before 2050 to reach the currently pledged goals of the Paris-agreement. For these goals to materialize, large-scale energy solutions are required.
SOLUTION
Seasalt Group provides a dual solution, from two established companies, based on their patented work with sodium hydroxide – a cheap and abundant chemical known as “drain cleaner.”
1. Seaborg Technologies
Seaborg Technologies has developed a new type of nuclear reactor –the 100 MWe Compact Molten Salt Reactor (CMSR) – which is smaller, less expensive, and has enhanced safety features compared to a conventional nuclear reactor. The unique reactor design is based on their patented hydroxide research which ensures that the reactor cannot melt down or explode. The reactor is installed in pairs of two on floating Power Barges capable of delivering 200-800 MWe. The first CMSR power barges will be built by Samsung Heavy Industries.
2. Hyme
Hyme is a grid-scale thermal energy storage solution based on molten salts to significantly improve the integration of sustainable energy in the energy system. Hyme’s storage solution can be used to combine heat-and-power production, power-only production, storage for district heating, and heat for high-temperature industries.
KEY CUSTOMERS AND INTERNATIONAL PRESENCE
Although a contract has yet to be signed, Seaborg has significant customer dialogues in several Southeast Asian countries. The first project is expected to be delivered in 2028.
Hyme will deliver its first pilot project of 1 MWh in 2023. A second demonstration project of 15 to 25 MWh is in the plans for 2024, and the first commercial project of 100 MWh or more is expected in 2025.
Team
Four of the six founders behind Seasalt Group have PhDs in the fields of Neutronics and Nuclear Physics, Experimental High Energy Physics, and Theoretical High Energy Physics. Other key positions have been filled with people with extensive experience from top companies such as Mærsk, Ørsted, Airbus, and more.
Unique selling point
Both solutions provided by the Seasalt Group are cheap, modular, and scalable, and ensure one of the lowest carbon footprints in comparison to alternative solutions in the market, which include solar and wind as well.
Asia Connection
Seasalt Group has a strong presence in Asia through the activities of Seaborg Technologies. Many of the company’s most significant partners are based in Korea, among which are Samsung Heavy Industries, and Best Engineering in Energy Solutions (BEES). Seaborg has opened an office in Korea with 3 employees which are expected to grow significantly over the coming years.
Additionally, Seaborg is present in Singapore, where the company is working with local governments and stakeholders on an innovative licensing framework. Seaborg’s main primary markets are expected to be in Southeast Asia.
Pitch
