Solar and Storage Developer Nexamp Secures $520 Million

Antora Energy, a developer of thermal batteries, secured $150 million in Series B funding to help ramp up production. The round was led by Decarbonization Partners, a partnership between BlackRock and Temasek.

Emerson Collective, GS Futures, The Nature Conservancy, and a subsidiary of NextEra Energy Resources also participated in this round, alongside existing investors Trust Ventures, Lowercarbon Capital, Breakthrough Energy Ventures, BHP Ventures, Overture VC, and Grok Ventures.

Antora provides thermal energy-based solutions leveraging renewable electricity to heat blocks of solid carbon to glowing hot temperatures in an insulated module. The stored heat is then delivered at the scale and temperatures that large industrial operations demand.

With its thermophotovoltaic technology, the stored heat is directly converted into electricity with no moving parts, and the system can deliver on-demand electricity to industrial customers.

Over the past year, the company has been working towards launching its commercial-scale battery factory located in San Jose, California. Antora is also building a dedicated manufacturing line for thermophotovoltaic cells with an expected efficiency greater than 40% for its technology.

“When it comes to decarbonizing industry, we have no time to waste,” said Andrew Ponec, co-founder and CEO of Antora Energy.

In 2022, the company secured $50 million, intending to use the amount to build out its first customer-sited projects and speed up hiring. The round was co-led by Breakthrough Energy Ventures and Lowercarbon Capital.

“Innovative technology is needed to help decarbonize the industrial energy sector as part of the transition to a low-carbon economy,” said Dr. Meghan Sharp, Global Head and Chief Investment Officer of Decarbonization Partners. “Antora is the clear leader in decarbonizing industrial heat, which constitutes 15% of global emissions. This capital enables Antora to scale up its manufacturing and commercial deployments, meeting the significant customer demand for its zero-emissions heat and power products in the United States and around the world.”

According to Mercom’s Annual and Q4 2023 Funding and M&A Report for Storage & Smart Grid, venture capital funding in Energy Storage in 2023 was the highest ever recorded, increasing 59% year-over-year, with $9.2 billion in 86 deals compared to the $5.8 billion raised in 96 deals in 2022.