Decarbonization Partners, led by an investor coalition that includes BlackRock and Temasek, spearheads a series B funding round for thermal battery manufacturer Antora Energy.
The funding round, which amassed a total of $150 million, aims to aid Antora in its pursuit of reducing the industry’s carbon emissions.
Other investors in the round include Emerson Collective and GS Futures.
BlackRock, the world’s largest asset manager, and Singapore’s state investment company, Temasek, make up the partnership known as Decarbonization Partners.
Antora plans to use the additional capital to expand its battery production, which are blocks of solid carbon heated with renewable energy.
The energy generated from these batteries could prove vital in industries that require heat to convert raw materials, such as the chemical and concrete sectors.
To minimize fossil fuel usage and thereby reduce carbon emissions, Antora or its customers could purchase renewable energy when prices are lowest during the day to heat the batteries to temperatures as high as 2,400 degrees Celsius.
Customers could then distribute that heat throughout the day.
According to Antora’s co-founder and CEO Andrew Ponec, the thermal battery in combination with low-cost renewable energy offers the first viable solution to decarbonize industrial emissions in a manner that can compete with fossil fuels economically.
The heat can also be converted into electricity using thermophotovoltaic technology developed by California-based Antora.
Another California-based startup, Rondo Energy, also uses bricks to retain heat for later use in a similar concept, having raised $85 million in funding.
The pitch book data for 2023 shows that Antora’s fundraise makes it the sixth largest Series B climate technology round.
Since its Series A launch in 2022, the total funding for the company has reached $230 million.
Despite a slight decrease in the median raise for a climate tech Series B to $28 million in 2023, the number and cumulative deal value of venture capital climate tech deals have decreased by about a quarter.
Antora Energy (ASX:BHP) is a California-based thermal battery manufacturer aiming to cut industrial carbon emissions using blocks of solid carbon heated with renewable energy.