Industrial Decarbonization Startup Antora Energy Raises $150 Million for Zero-Emissions Heat & Power Solution

Zero-emissions industrial heat and power solution provider Antora Energy announced that it has raised $150 million, with proceeds from the Series B financing round aimed at supporting the acceleration of the production of its thermal batteries to decarbonize industrial facilities.

Industrial heating uses high amounts of energy, often from fossil fuel-based sources, in order to transform materials into products such as metals and plastics. While renewable energy has become increasingly abundant and inexpensive, however, many industries have not been able to switch to renewables, with the inability to store energy from intermittent sources such as wind and solar at industrial scale.

Founded in 2017, California-based Antora Energy provides thermal batteries that convert low-cost, intermittent renewable electricity into reliable industrial energy. The solution uses renewable energy to heat blocks of solid carbon to glowing-hot temperatures in an insulated module, enabling the delivery of the stored heat at industrial scale and temperatures, in addition to providing electricity at very high efficiencies using the company’s heat-to-power thermophotovoltaic (TPV) technology.

Andrew Ponec, co-founder and CEO of Antora Energy, said:

“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.”

The financing round was led by Decarbonization Partners, a venture capital and private equity partnership between BlackRock and Temasek aimed at investing in companies providing 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, alongside existing investors Trust Ventures, Lowercarbon Capital, Breakthrough Energy Ventures, BHP Ventures, Overture VC, and Grok Ventures.

Dr. Meghan Sharp, Global Head and Chief Investment Officer of 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 the clear leader in decarbonizing industrial heat, which constitutes 15% of global emissions. 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.”