Rondo Energy has announced it has closed a $22 million (£16m) funding round to support the company in deploying its zero carbon heat batteries technology for industrial decarbonisation.
It will use the investments from Bill Gates-backed Breakthrough Energy Ventures and Energy Impact Partners to develop projects that delivery “low cost, high temperature” and zero carbon heat across a variety of industries, with plans to start manufacturing and delivering customer systems later this year.
Heavy industry accounts for around one third of global greenhouse emissions, most of which is said to be associated with the generation of high temperature heat.
The Rondo Heat Battery offers a zero emission source of this heat by using wind and solar electricity and converting it into thermal energy that is stored at temperatures more than 1200°C.
Carmichael Roberts, Business Lead, Investment Committee, Breakthrough Energy Ventures said: “We believe the Rondo Heat Battery will prove critical to closing stubborn emissions gaps.
“The cost of renewable energy has been steadily falling but it hasn’t been an option for industries that require high temperature process heat since there was no way to efficiently convert renewable electricity to high temperature thermal energy. Rondo enables companies in industries such as cement, fuels, food and water desalination to reduce their emissions while also leveraging the falling costs of renewables.”
John O’Donnell, CEO of Rondo Energy added: “Industrial heat produces our commodities and powers our economies. But today’s industrial heat sources generate massive emissions around the world.
“We’ve developed a technology to change that. Large-scale heat decarbonisation can be profitable and can become an economic boon instead of a social burden. Working with leaders in cement production, mining, biofuels and more, we are building systems that reduce production costs and drive deep emissions reductions.
“We’re thrilled to be working with Breakthrough Energy Ventures and Energy Impact Partners, two of the world leaders driving decarbonisation, to tackle the world’s toughest energy challenge — not 10 years from now, but today.”