Series B funding led by Decarbonization Partners will accelerate production of Antora Energy’s factory-made thermal batteries to decarbonize industrial facilities across the U.S. and around the world

February 22, 2024 08:00 AM Eastern Standard Time

SUNNYVALE, Calif.–(BUSINESS WIRE)–Antora Energy, a leader in zero-emissions industrial heat and power, raised a $150 million Series B funding round led by Decarbonization Partners, a partnership between BlackRock and Temasek. This financing round will enable Antora to ramp production of its factory-made thermal batteries to deliver billions of dollars of zero-emissions energy to industrial customers. Emerson Collective, GS Futures, The Nature Conservancy, and a subsidiary of NextEra Energy Resources, LLC also participated in this round, alongside existing investors Trust Ventures, Lowercarbon Capital, Breakthrough Energy Ventures, BHP Ventures, Overture VC, and Grok Ventures.

“When it comes to decarbonizing industry, we have no time to waste”

Antora is unlocking zero-emissions industrial energy, cheaper than fossil fuels. Antora leverages renewable electricity to heat blocks of solid carbon—a low-cost, earth-abundant, and safe storage medium that’s used extensively across industries—to glowing hot temperatures in an insulated module. The stored heat is then reliably delivered at the scale and temperatures that large industrial operations demand. Additionally, Antora’s thermal battery can output electricity at breakthrough efficiencies using Antora’s thermophotovoltaic (TPV) technology, which converts the stored heat directly into electricity without the drawbacks of a conventional heat engine.

Industry is the single biggest driver of climate change, accounting for 30% of global emissions.¹ As wind and solar have become the cheapest sources of new electricity on the planet, industry has been largely unable to tap into this clean energy potential for a simple reason: there hasn’t been a cost-effective way to store intermittent renewable energy at industrial scale.

Antora bridges the gap between renewable energy and industrial manufacturing, supplying zero-emissions heat and power to factories with batteries made in America. Manufactured at the company’s factory in San Jose, CA, Antora’s modular thermal batteries roll off the production line ready to be road-shipped for simple installation at industrial sites. Antora’s thermal batteries will have a significant impact on decarbonizing industrial energy while creating U.S. jobs, spurring America’s manufacturing sector, and strengthening domestic supply chains.

“When it comes to decarbonizing industry, we have no time to waste,” said Andrew Ponec, co-founder and CEO of Antora Energy. “We are thrilled to partner with Decarbonization Partners and all of our exceptional investors to supercharge Antora’s growth. This financing enables us to build and deploy our thermal batteries even faster, moving full speed ahead to decarbonize industry in the United States and around the world. Because our thermal batteries are factory-manufactured in the United States, this is not only an investment in Antora, it’s an investment in U.S. jobs, manufacturing, and leadership in the clean energy transition.”

“Innovative technology is needed to help decarbonize the industrial energy sector as part of the transition to a low-carbon economy,” said Dr. Meghan Sharp, Global Head and Chief Investment Officer of Decarbonization Partners. “Antora is the clear leader in decarbonizing industrial heat, which constitutes 15% of global emissions.² This capital enables Antora to scale up its manufacturing and commercial deployments, meeting the significant customer demand for its zero-emissions heat and power products in the United States and around the world. We are thrilled to partner with the Antora team.”

This funding comes on the heels of significant milestones the company has achieved since announcing its Series A in 2022, bringing total funding to over $230 million. In addition to support from private investors, Antora has received critical early and ongoing support from the U.S. Department of Energy’s Advanced Research Projects Agency-Energy (ARPA-E) and Industrial Efficiency and Decarbonization Office (IEDO); the National Science Foundation; and the California Energy Commission (CEC).

Over the past year, the company’s momentum has been marked by:

• Launching its commercial-scale thermal battery, a factory-built system that stores energy at temperatures hot enough to address “hard-to-decarbonize” sectors like cement and steel.
• Opening a landmark U.S.-based thermal battery manufacturing facility, where Antora will produce its thermal battery modules for the company’s first major commercial projects.
• Building the world’s first dedicated manufacturing line for thermophotovoltaic (TPV) cells and demonstrating an efficiency greater than 40% for its TPV technology, unlocking the dual heat and power output needed to completely eliminate fossil fuel combustion in today’s manufacturing processes.
• Being named one of TIME’s Best Inventions of 2023 and Fast Company’s 2023 World Changing Ideas.

To learn more about Antora Energy, visit www.antoraenergy.com and follow the company on LinkedIn and Twitter.

About Antora Energy 
Antora Energy is unlocking zero-emissions industrial heat and power, cheaper than fossil fuels. Antora’s thermal batteries convert low-cost, intermittent renewable electricity into reliable industrial energy. Factory-built in the United States, Antora’s modular thermal batteries output electricity and heat at temperatures hot enough to address the hardest-to-decarbonize industrial applications. Antora’s products will decarbonize global industry while supporting U.S. jobs, spurring American manufacturing, and strengthening domestic supply chains. The company is backed by leading investors, including Decarbonization Partners, Trust Ventures, Lowercarbon Capital, Breakthrough Energy Ventures, Emerson Collective, The Nature Conservancy, BHP Ventures, Grok Ventures, GS Futures, Overture VC, and a subsidiary of NextEra Energy Resources, LLC.

About Decarbonization Partners 
Decarbonization Partners is a joint venture between Temasek and BlackRock focused on late-stage venture capital and early growth private equity investing in next-generation companies that provide solutions and technologies to help accelerate global efforts to achieve a net zero global economy by 2050. Decarbonization Partners combines Temasek and BlackRock’s complementary platforms and expertise in sourcing and underwriting private investments, portfolio and risk management, and sustainable technology and analytics. Decarbonization Partners invests in a wide range of companies that have proven technology and need capital to scale. The partnership targets multiple sectors, including Carbon Capture, Storage and Utilization, Bio and Low Carbon Products, Next Generation Energy, Advanced Mobility, Carbon Management Services and Digital Transformation. The partnership reflects BlackRock and Temasek’s shared commitment to help build more sustainable and resilient portfolios, while also contributing to consistent, long-term financial returns that benefit their clients and stakeholders.

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¹ Source: https://breakthroughenergy.org/our-approach/grand-challenges/
² Source: BloombergNEF Industrial Heat Report 2019; industrial heat comprises 15% of global GHG emissions using 2016 GHG data

Contacts

Megan Nealon on behalf of Antora Energy
V2 Communications
antora@V2comms.com

Decarbonization Partners
Christopher Beattie
+1 646 231-8518
christopher.beattie@blackrock.com

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