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Burges Salmon advises Axeleo Capital on its lead investment in Exergy3 as part of £10m funding round

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By Alex Lloyd
21 Apr 2026 7 min read

The firm has advised Axeleo Capital on its investment in Exergy3 as part of the company’s £10 million seed funding round.

Exergy3 is an Edinburgh-based clean technology company developing ultra‑high temperature thermal energy storage systems designed to support the decarbonisation of industrial heat. Its proprietary technology converts surplus renewable electricity into high‑temperature heat for industrial processes, addressing both industrial decarbonisation and growing grid constraints.

The funding round was led by Axeleo Capital through its Green Tech Industry I fund, with participation from new investors Bayern Kapital and Kibo Invest, alongside existing investors Scottish Enterprise, Zero Carbon Capital and Old College Capital.

The investment will support Exergy3’s transition from demonstration to commercial deployment, enabling the company to scale manufacturing capacity, expand its team and deploy its technology across industrial sites in the UK and Europe.

We advised Axeleo Capital on all legal aspects of the transaction. The deal was led by Alex Lloyd, Will Penfold, Niall Mackle and Trulie Taylor from the Corporate and M&A team, with support from specialists across the firm, including Katie Russell and Eilidh Wood in Employment, and Richard Hugo and Ebony Ezekwesili in Commercial and Technology.

“Decarbonising industrial heat is one of the most significant challenges – and opportunities – in the energy transition, and Exergy3 is uniquely positioned to address it at scale. This investment marks an important milestone in the company’s commercial rollout. The Burges Salmon team provided clear, pragmatic and highly effective support throughout the transaction, helping us navigate a complex investment efficiently and with confidence.“

Guillaume Sarlat, Venture Partner at Axeleo Capital

“We were delighted to support Axeleo Capital on this landmark seed investment in Exergy3. The business is tackling some of the most pressing challenges facing energy‑intensive industries, and this funding round represents a key step in bringing its technology to market. It was a pleasure to work closely with the Axeleo team on a transaction that aligns so strongly with the transition to a more resilient, low‑carbon energy system.”

Alex Lloyd, Partner at Burges Salmon

Our Corporate and M&A practice advises multinational organisations and institutions, entrepreneurial businesses and high net worth individuals. Much of the team’s work has an international element, helping overseas clients expand into the UK and supporting UK based businesses to grow internationally.

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