Energy storage company Antora Energy announced that it has raised $550 million in a Series C funding round, with proceeds aimed at expanding production of its thermal battery technology and accelerating large-scale deployment across the U.S.
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.
The financing follows Antora’s deployment of one of the largest battery storage projects in the world, a 5 GWh system in South Dakota that advanced from initial construction to delivering energy in under 12 months. Antora is now scaling its approach, with a growing pipeline of signed agreements with hyperscalers and industrial leaders, the company said.
According to Antora, the new capital will accelerate the deployment of large-scale projects across the country, expand production capacity, establish a second U.S. manufacturing hub, and further strengthen the company’s domestic supply chain.
Andrew Ponec, Co-Founder and CEO of Antora, said:
“From factories to data centers, energy is the bottleneck to industrial growth. Antora has shown we can help break that bottleneck—delivering energy fast, at massive scale, with American innovation. With this funding round, we’re continuing to strengthen our investment in U.S. manufacturing, delivering affordable energy across the country and around the world.”
The funding round was co-led by G2 Venture Partners and Eclipse, with participation from new investors including Ribbit Capital, Salesforce Ventures, Activate Capital, John Doerr, Westly Group, StepStone Group, and Liberty Mutual Strategic Ventures, alongside existing investors including Decarbonization Partners, Impact Science Ventures, Trust Ventures, Breakthrough Energy Ventures, and Lowercarbon Capital.
Jake Tauscher, Partner at G2 Venture Partners, said:
“Our energy system is at an inflection point, and very few companies can meet soaring power demand. Antora is meeting that demand today. They’re deploying at scale, on budget, and on the rapid timelines customers need. That’s how generational energy companies are built, and it’s why we’re proud to co-lead this round.”
