ALAMEDA, Calif., August 16, 2023 — A USD 60 million additional financing was raised by Rondo Energy, a top supplier of zero-carbon industrial heat and power, to accelerate the global rollout of Rondo Heat Batteries (RHBs) and revolutionize the energy storage industry.
The financing includes contributions from current Rondo backers Breakthrough Energy Ventures, Energy Impact Partners, SCG, and TITAN, as well as major corporations like Rio Tinto, SABIC, Aramco Ventures, Microsoft’s Climate Innovation Fund, and John Doerr and SDCL Energy Efficiency Income Trust (SEEIT). With this money, Rondo plans to expand its global operations and create and construct storage projects all over the world.
SABIC, SCG, TITAN, SEEIT, Rio Tinto, Aramco Ventures, and SABIC have all joined Rondo’s Strategic Investor Advisory Board (SIAB).
“We are humbled and thrilled by the chance to advance more quickly by collaborating with these individuals. According to John O’Donnell, CEO of Rondo Energy, “Our Strategic Investor Advisory Board will help Rondo focus on the most straightforward, fastest ways to power their operations with low-cost clean energy and shape our priorities for ongoing research and development. Infrastructure for large-scale, cheap, sustainable energy production must be built quickly to address the climate crisis. One of those tools is the Rondo Heat Battery. With the support of this financing, we will be able to better meet client demand and start construction at scale.
The first commercial Rondo unit started operating in 2023, reducing the carbon intensity of the ethanol generated by Calgren Renewable Fuels. The project was the first electric thermal energy storage system to use commercially in the US and the highest temperature and efficiency energy storage system ever built.
With a goal of 90GWh/year, Rondo and Siam Cement Group (SCG) declared in 2023 that the current Heat Battery storage capacity is 2.4GWh/year.
The cost of storing energy with Rondo Heat Batteries is half that of comparable technologies like chemical and green hydrogen batteries. Brick and iron wire, which have been utilized by heavy industry for heating and heat storage for more than a century, served as the foundation for Rondo’s novel technique. Constructing Heat Batteries using pre-made components
Policymakers and company executives are under pressure from shareholders to implement affordable and dependable climate solutions. Rondo’s technology is a tried-and-true instrument for quick and deep decarbonization across the world’s most energy-intensive and challenging industries.
The electric heating of industrial processes has been called “the next trillion-dollar market.” According to recent studies, the decarbonized world will require twice as much heat battery storage than grid battery storage. Heat batteries will significantly lower the energy prices needed to create numerous essential commodities in the upcoming few years.
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