Turin, Italy-based deep-tech startup that develops innovative thermal storage solutions, i-TES, raises EUR 1.4 million in recent financing. The round took place on May 29, 2023. EUREKA! Venture SGR through “Eureka! Fund I – Technology Transfer and CDP Venture Capital SGR through Tech4Planet co-led the financing for the company. 

The latter belongs to the National Hub for Technology Transfer, focusing on Sustainability and strives to promote market access and the growth of new startups conceived within research labs, primarily in energy tech, circular economy, sustainable manufacturing, intelligent mobility, and water management domains.

Purpose of financing for i-Tes

With the latest capital injection, i-TES seeks to promote the expansion of the customer portfolio by strengthening the facilities and the team. It also intends to enhance new competencies related to the production and commercialisation of products.

Besides, the company intends to invest in the technological development of new products such as thermochemical materials.

What the company’s co-founder has to add

Michele Santovito, Co-founder and CEO, said, “i-TES’ strong competencies in the field have enabled the development of high-performance PCM thermal batteries. We’ve optimised key parameters like latent heat and thermal conductivity, enabling the deployment of these devices in practical applications.”

He further added, “The new financial resources will be used to expand the customer portfolio by strengthening the facilities and the team, with new competencies related to production and commercialisation of products, and above all to invest in the technological development of new products such as thermochemical materials (TCM).”

What the investors have to add

Massimo Gentili, Partner of Eureka! The fund further said, “Thermal storage is a thriving field of research and offers many opportunities to face the challenges of electrification and renewable energy. i-TES’ thermal batteries are compact; in fact, they occupy ⅓ the volume of a classic water system, and they are modular, a feature that makes it easy to achieve energy demand, as they do not require special handling for installation and can be integrated into both existing and new systems. Thanks to these features, they can be used in multiple applications, including district heating, renewable energy sources, TLC radio base station air conditioning systems, and waste heat recovery in industrial processes”.

About the company 

Michele Santovito and Noemi Muscarà co-founded the company in 2016. i-Tes operates within the 2i3T Business Incubator and Technology Transfer of the University of Turin. The company focuses on developing thermal storage batteries with phase change materials (PCMs) and thermochemical materials (TCMs). These advanced materials exploit the physical phenomenon of change of state to accumulate and release large amounts of energy.

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Jasleen Bhatia works as a content writer for VCBay News. She is pursuing her final semester in Bachelor of Business Administration from IIPS, DAVV. Driven by her keen interest in entrepreneurship and finance, she writes business-related articles.


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