Revterra Corporation, a Houston-based technology company developing a grid-stabilizing kinetic battery, announced a $6 million Series A funding round led by Equinor Ventures and SCF Ventures.
The Amount raised will be used to fund the development of the company’s S100 Kinetic energy battery.
Revterra’s kinetic battery is a drop-in solution to enable rapid DC-Fast EV charging anywhere while providing critically important grid stability in regions with high renewable power penetration. It acts as a buffer that stores kinetic energy between utility grids and EV charging stations.
Electric energy is converted into kinetic energy by spinning up a rotor that can be drawn upon when needed.
As renewable power generation proliferates and energy demand is electrified, energy storage technologies are needed to match supply with demand to ensure smooth grid operations.
“There is an urgent need to reduce carbon emissions globally. Our goal at Revterra is to deploy scalable energy storage solutions that facilitate the shift to renewables and EVs while hardening our electric grid. Our systems enable these ambitions while utilizing materials that are recyclable and based on a secure supply chain,” said Ben Jawdat, CEO of Revterra.
“Energy storage plays an important role in enabling the decarbonization of transportation and the buildout of renewables while ensuring power market stability. We look forward to collaborating with Revterra,” said Gareth Burns, head of Equinor Ventures.
Previously, Revterra raised nearly $500,000 through angel investments and a Phase I National Science Foundation STTR grant.
According to Mercom’s 1H and Q2 2022 Funding and M&A Report for Storage, Grid & Efficiency, VC funding for Energy Storage in 1H 2022 was down significantly with $2.9 billion in 45 deals compared to $4.4 billion in 34 deals in 1H 2021. One large funding deal in Q2 2021 contributed to the difference.
Recently, OhmConnect, a provider of residential energy solutions, raised $55 million in a Series D funding round led by ClearSky, Sidewalk Infrastructure Partners (SIP), and TELUS Ventures. The funding helps the company expand its business reach into new markets and support flexible electric load across the U.S.