A capital increase of EUR 22 million (USD 23.53 million) has been secured by HPS Home Power Solutions AG, a German supplier of environmentally friendly hydrogen-based power storage for buildings, to help the company expand both domestically and abroad.

A number of current shareholders supported the deal, and a German entrepreneurial family joined them as an anchor shareholder.

The Berlin-based business provides green hydrogen-based integrated energy storage solutions for single-family homes, multi-family buildings, and commercial structures. The picea system ensures the electricity and heat supply to buildings throughout the winter by storing the extra power generated by rooftop solar systems on sunny days in the form of green hydrogen. The company was established in 2014.

The additional funds will be utilized to enhance working capital, expand sales efforts, and advance Picea’s technological growth. The business wants to keep expanding and is aiming for triple-digit growth.