Zero-carbon industrial heat solutions provider Rondo Energy announced today that it has raised $60 million, with proceeds from the financing aimed at accelerating the global rollout of its industrial heat decarbonization product, the Rondo Heat Battery.
Founded in 2020, California-based Rondo Energy provides solutions to address emissions from industrial heat processes. 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. Rondo’s Heat Battery turns intermittent renewable energy sources including wind and solar energy into continuous, high temperature heat, enabling the replacement of fossil fuel-fired boilers.
The company also said that its solution enables industrial decarbonization at a fraction of the cost of other technologies, storing energy at half of the cost of green hydrogen and chemical batteries.
John O’Donnell, CEO of Rondo Energy, said:
“To tackle our climate challenge, we need tools to build big, low-cost, clean energy infrastructure fast. The Rondo Heat Battery is one of those tools. This investment will help us grow our capacity to meet customer demand and begin to build at scale.”
Investors in the financing round included existing investors Breakthrough Energy Ventures, Energy Impact Partners, SCG, and Titan, climate investors SDCL Energy Efficiency Income Trust (SEEIT) and John Doerr, and industrial investors including Microsoft’s Climate Innovation Fund, Rio Tinto, SABIC, and Aramco Ventures.
Breakthrough Energy Ventures’ Carmichael Roberts said:
“The Rondo team has proven the technical readiness of its Rondo Heat Battery and with systems now operating in the field, they’re ready to scale their solution and enable heavy industry to reach zero-carbon emissions at a lower cost than fossil fuels. We’re encouraged by the strategic industrial leaders joining this round of financing, showcasing just how critical zero-carbon industrial heat and power will be for the market.”