Redoxblox, a thermochemical energy storage (TCES) company, raised an additional $30 million in Series A funding. The additional funding round was led by Prelude Ventures and joined by Imperative Ventures, New System Ventures, and existing investors Breakthrough Energy Ventures and Khosla Ventures.
In January, the company received $9.4 million in Series A financing led by Khosla Ventures. With the additional funding, the company now has $40.7 million in total in its Series A round. Redoxblox was also awarded $8.9 million from the California Energy Commission and $6.7 million from the U.S. Department of Energy this year.
The company announced its new CEO, Pasquale Romano, who was formerly President and CEO of ChargePoint and is currently a Member of The U.S. President’s National Infrastructure Advisory Council.
“Decarbonization depends on widespread adoption of cost-competitive alternatives to fossil fuels for industrial heat applications that address the time-varying nature of electricity demand and fluctuating renewable generation. Our goal is to address the density, cycle life, reliability, efficiency, and cost requirements to enable the world to decarbonize without economic compromise. Decarbonization must be a natural side effect of utilizing cost-competitive technologies to meet the world’s energy needs.” Said Pasquale Romano.
The company uses TCES units made of non-toxic, non-flammable, and recyclable materials that can operate at temperatures up to 1500°C to store energy chemically and as heat, allowing for continuous or on-demand discharge for grid or industrial processes.
According to Mercom’s 9M and Q3 2024 Funding and M&A report for Energy Storage and Smart Grid, Venture capital 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.
