Thermal battery maker raises $150 million investment led by BlackRock & Temasek
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On Thursday, Antora Energy, a thermal battery manufacturer, announced that it has secured $150 million in funding.
The investment round was spearheaded by Decarbonization Partners, a collaboration between the world’s largest asset manager, BlackRock, and Singapore’s state investment firm, Temasek.
Other notable investors included Emerson Collective, GS Futures, The Nature Conservancy, Lowercarbon Capital, Breakthrough Energy Ventures, and the venture capital arm of global mining giant BHP.
Antora co-founder and CEO Andrew Ponec mentioned in an interview that pairing the thermal battery with affordable renewable energy presents “the first opportunity for decarbonizing industrial emissions in a way that’s cost competitive with fossil fuels,” Antora, based in California, can also convert the heat into electricity using its thermophotovoltaic technology.
Also read: SQM Lithium Ventures invests $9.4 million in EV battery recycling firm
Another California startup, Rondo Energy, uses bricks to store heat for future use and has raised $85 million, per PitchBook data.
According to data from PitchBook, Antora’s funding would rank it as the sixth-largest Series B climate technology fundraising round in 2023. This brings the company’s total funding since its Series A in 2022 to $230 million.
Series A and B represent a startup’s initial major private fundraising rounds. In 2023, the median funding for a climate tech Series B slightly decreased to $28 million.
This occurred amidst a decline in the number of venture capital deals in climate tech and their total value, which dropped by approximately a quarter.
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