Electrified Thermal Solutions, an electric heating and thermal energy storage solutions provider, raised $19 million to accelerate the commercialization of its Joule Hive Thermal Battery (JHTB) system.
The round was backed by Holcim MAQER Ventures, Vale Ventures, TechEnergy Ventures, EDP Ventures, and Tupras Ventures alongside financial investor GVP Climate and follow-on investors Clean Energy Ventures and Starlight Ventures, with participation from Mass Ventures and Clean Energy Venture Group.
The company claims to offer a different solution compared to current thermal battery solutions that are stated to use bricks or rocks to store heat but depend on traditional heating elements (such as toaster wire) to generate and transfer heat to the storage media.
Electrified Thermal Solutions, through their JHTB system, utilize bricks that serve a triple function: as the heating element, thermal storage media, and heat exchanger. By stacking these electric bricks alongside traditional firebricks in a specific pattern, the company claims to create three-dimensional heated circuits.
“Mining, metals, cement, chemicals – the foundations of our built environment – are the most energy-intensive and stubborn industries to decarbonize. With the backing of these investors, our upcoming commercial demonstration will showcase the unmatched capabilities of the Joule Hive Thermal Battery at industrial scale, accelerating deployment across all heating applications, from boilers to dryers to furnaces in every industry,” said Daniel Stack, Co-founder and CEO of Electrified Thermal.
The commercial demonstration is expected to be operational by 2025, while JHTB will be commercialized by 2026.
According to Mercom’s 9M and Q3 2024 Funding and M&A Report for Energy Storage and Smart Grid, VC funding for Energy Storage companies in 9M 2024 came to $2.7 billion in 61 deals, a 69% decrease year-over-year compared to $8.6 billion in 68 deals in 9M 2023.
In September, Exergy3, a thermal energy-based energy storage system provider, secured £1 million (~$1.3 million) in a pre-seed funding round. Zero Carbon Capital led this funding with participation from existing investors Old College Capital and Scottish Enterprise.
