Antora Energy, a provider of zero-emissions industrial heat and power solutions, announced it has raised $150 million, with proceeds from its Series B funding round aimed at supporting the acceleration of production of its thermal batteries to decarbonize industrial facilities.
Industrial heating uses large amounts of energy, often from fossil fuel-based sources, to transform materials into products such as metals and plastics. Although renewable energy has become increasingly abundant and cheap, many industries have been unable to switch to renewable energy, with the inability to store energy from intermittent sources such as wind and solar on an industrial scale.
Founded in 2017, California-based Antora Energy provides thermal batteries that convert low-cost, intermittent renewable electricity into reliable industrial power. The solution uses renewable energy to heat blocks of solid carbon to extremely high temperatures in an insulated module, enabling the supply of stored heat at industrial scale and temperatures, as well as providing electricity at very high efficiencies using heat-to-thermophotovoltaic energy technology. (TPV).
Andrew Ponec, co-founder and CEO of Antora Energy, said:
“This funding allows us to build and deploy our thermal batteries even faster, moving full steam ahead to decarbonize industry in the United States and around the world. Because our thermal batteries are manufactured in the United States, this is not just an investment in Antora, it is an investment in U.S. jobs, manufacturing and leadership in the transition to clean energy.”
The funding round was led by Decarbonization Partners, a venture capital and private equity partnership between BlackRock and Temasek that aims to invest in companies that provide technologies and solutions that help accelerate the transition to a net-zero economy by 2050. Additional investors participating in the round included Emerson Collective, GS Futures, The Nature Conservancy and NextEra Energy Resources, along with existing investors Trust Ventures, Lowercarbon Capital, Breakthrough Energy Ventures, BHP Ventures, Overture VC and Grok Ventures.
Dr. Meghan Sharp, Global Director and Chief Investment Officer at Decarbonization Partners, said:
“Innovative technology is needed to help decarbonize the industrial energy sector as part of the transition to a low-carbon economy. Antora is an absolute leader in the decarbonization of industrial heat, which constitutes 15% of global emissions. This capital allows Antora to expand its industrial and commercial deployments, meeting significant customer demand for its zero-emission heat and power products in the United States and around the world. We are excited to partner with the Antora team.”
