Secretive energy startup Holyvolt pulls in €10m – but on what exactly?

When Impact Loop first reported on Holyvolt – which has nothing to do with Swedish battery firm Northvolt – in October 2024, the Swedish company's website displayed little more than a "launch in progress" page.

At the time, co-founder and CEO Mathias Ingvarsson offered only vague hints about Holyvolt's technology, describing it as based on "600-year-old screen-printing methods".

"The idea is that this can be applied in areas like solar or battery storage," he told us about the Munich-based company.

He also said Holyvolt was embarking upon a heavy R&D phase, and hoped to return with concrete results within "one to three years".

Powered by an industrial deal

But commercial traction has come quicker than expected. According to its newly published annual report, which Impact Loop has seen, the revenue in 2024 came on the back of a major industry deal:

"In July 2024, the company signed a Joint Development Agreement and MoU for machine offtake with a leading industry partner in battery development, including an initial payment of €10 million," the company writes in its annual report, which also revealed that profit was €630,000.

Speaking to Impact Loop, Ingvarsson elaborates:

"It involves a leading industrial partner with whom we've signed an agreement. The revenue stems from an upfront payment for machinery, equipment, and product development."

Despite the cash injection, he insists Holyvolt is still in the development phase.

"We're still in R&D. These are long processes in our sector. Of course we want to scale and go to market tomorrow – but we're trying to walk before we run, and keep costs low at the same time."

What exactly is Holyvolt building?

Asked to explain the company's tech more clearly, Ingvarsson says they are "exploring the use of screen-printing to replace traditional electrode production methods".

The company has three verticals, he explains: heating, solar, and batteries.

"We're furthest along in heating. In simple terms, it's a printed heating film that can be used in a range of applications – essentially as a heating element."

Despite the company's low profile, he pushes back on the idea that Holyvolt is secretive:

"It's not really that secret. But again – we try to be humble and not shout about things before we have something real."

Other milestones in 2024 include third-party validation of Holyvolt's battery cells.

Munich lab and Norwegian solar plans

The company also opened a new lab in Munich in October, and is now working with Norwegian partners on solar panel manufacturing projects in Norway and Svalbard, according to the annual report.

So what's next?

"I humbly hope more people will want to join this journey and help make something this exciting a reality. We're not actively fundraising right now – but we expect we will need capital in 2025," Ingvarsson tells Impact Loop.

"We're very cautious about how we spend money. It's a constant balance between speed, risk, and capital responsibility. At the same time, we see this as a potential 'necessity investment' for the world."

Big-name backers on board

As Impact Loop reported last October, Holyvolt raised €9m in a funding round earlier in 2024. Backers included the Swedish Wallenberg family's investment arm FAM and car giant Volvo.

Swedish VC firm Course Corrected also took part, with CEO Kerstin Cooley joining the board. Meanwhile, Belgian business heavyweight Ronnie Leten – former CEO of Atlas Copco and chair of Ericsson – was named chairman.

In November 2024, Magnus Tyreman took over as chair, with Leten staying on as senior adviser.