EnergyIntel welcomes Chief Scientist to its headquarters

EnergyIntel recently welcomed Chief Scientist of the Republic of Cyprus Demetris Skourides to its headquarters, as part of an ongoing effort to strengthen relations with key stakeholders.

Announcing the news, EnergyIntel said the meeting underscored the critical role of cooperation and mutual support in driving Cyprus’ innovation agenda forward.

Skourides’ visit follows EnergyIntel’s recent €1.5 million DISRUPT grant award, along with an additional €1 million in equity, awarded under his leadership. “This grant reflects EnergyIntel’s dynamic presence and groundbreaking contributions to the energy technology sector,” the company said.

The prestigious DISRUPT award, administered by Cyprus’ Research and Innovation Foundation, honours EnergyIntel’s cutting-edge technologies and provides strong validation of the company’s advancement for shareholders and investors, it added. As explained by EnergyIntel’s CEO Eugenia Herodotou and COO Marios Alexandrou during the meeting, this award is more than a recognition; it is a strategic endorsement of the company’s excellence in thermal energy storage technology.

The DISRUPT distinction supports EnergyIntel’s commitment to attracting top-tier scientific talent, including Cypriot engineers and researchers returning from abroad, as well as foreign experts joining the company. “This dynamic team expansion reinforces EnergyIntel’s global commercialisation plan, aimed at introducing its transformative technologies to international markets,” it said.

Through the support of DISRUPT and INNOVATE grants, EnergyIntel has gained powerful validation from EU evaluators, positioning its TES technology as a leading solution in sustainable energy. Skourides emphasised the significance of this distinction, which not only stands as a certification of innovation but also strategically backs EnergyIntel’s efforts to repatriate high-level scientific personnel. Over recent years, EnergyIntel has successfully attracted five highly skilled scientists and engineers from the UK, Denmark, and Holland, enriching Cyprus’ scientific community and addressing the challenge of brain drain.

Aiming to become Cyprus’ first unicorn

During the meeting, the Chief Scientist was introduced to EnergyIntel’s ambitious vision: to emerge as Cyprus’ first unicorn in the energy technology industry. The company’s leaders detailed their robust global commercialisation strategy and growth plan, which aspires to establish EnergyIntel as a pioneer in energy technology worldwide.

Key to this vision is the E247-V1 TES system, a proprietary technology that stores thermal energy in recyclable, high-performance materials (PCM) and enables efficient energy conversion through Stirling engines. The system’s performance has been globally demonstrated in the NOOR Energy 1 project in Dubai, the largest solar thermal project worldwide, and validated by DNV, a leading independent rating agency, which recorded a 95% operational availability over 10 months. This real-world deployment further reinforces the system’s durability and commercial viability.

Bolstering global expansion with strategic investments

The recent DISRUPT funding complements EnergyIntel’s broader financial growth, adding to the €8.1 million raised through private equity in recent SEED rounds. These funds are pivotal in advancing EnergyIntel’s R&D capabilities, scaling infrastructure, and enhancing strategic partnerships as the company introduces TES solutions to international markets. EnergyIntel’s success in securing both the DISRUPT and previous INNOVATE grants, including €1 million awarded in 2020, demonstrates a sustained trajectory of growth. IDEK’s support programs have been a springboard for EnergyIntel’s rapid development, validating the company’s value and attracting further private investment.

As EnergyIntel’s COO, Marios Alexandrou noted, “This award strengthens our resolve to lead in the global energy transition, advancing clean and efficient TES technologies that contribute significantly to reducing reliance on fossil fuels.”

The company said its leadership remains focused on a growth strategy aimed at establishing EnergyIntel as an international frontrunner in energy technology. This includes the continual development of advanced TES solutions and reinforcing Cyprus’ position as a hub for scientific excellence and innovation.