OAKLAND, Calif.--(BUSINESS WIRE)--Rondo Energy, the company unlocking profitable industrial decarbonization, today announced that it has closed a $22 million Series A funding round led by two of the world’s leading investment firms in deep decarbonization and electrification: Breakthrough Energy Ventures and Energy Impact Partners. This funding enables Rondo Energy to build projects that deliver low-cost, high-temperature and zero-carbon heat across a variety of industries. Rondo plans to begin manufacturing and deliver customer systems later this year.
Heavy industry accounts for about one third of global greenhouse emissions — most of which is associated with the generation of high-temperature heat. The Rondo Heat Battery offers a simple, low-cost, zero emissions source of this heat by taking wind and solar electricity and converting it to thermal energy that is stored at temperatures over 1200°C.
“We believe the Rondo Heat Battery will prove critical to closing stubborn emissions gaps,” said Carmichael Roberts, Breakthrough Energy Ventures. “The cost of renewable energy has been steadily falling, but it hasn’t been an option for industries that require high temperature process heat since there was no way to efficiently convert renewable electricity to high temperature thermal energy. Rondo enables companies in industries such as cement, fuels, food and water desalination to reduce their emissions while also leveraging the falling costs of renewables.”
“Decarbonizing industry is the next frontier and is a huge challenge,” said Shayle Kann, partner at Energy Impact Partners. “Rondo’s breakthrough innovation opens a surprisingly simple path: converting electricity directly to heat and storing it. This technology, coupled with the plunging price of wind and solar, means the industrial sector can profitably decarbonize many processes, at large scale, now. This is great news, because the world can’t wait.”
“Industrial heat produces our commodities and powers our economies. But today’s industrial heat sources generate massive emissions around the world,” said John O’Donnell, CEO of Rondo Energy. “We’ve developed a technology to change that. Large-scale heat decarbonization can be profitable, and can become an economic boon instead of a social burden. Working with leaders in cement production, mining, biofuels and more, we are building systems that reduce production costs and drive deep emissions reductions. We’re thrilled to be working with Breakthrough Energy Ventures and Energy Impact Partners, two of the world leaders driving decarbonization, to tackle the world’s toughest energy challenge — not 10 years from now, but today.”
“The industrial sector feels the same pressure to switch to clean energy as other sectors, but the barriers to decarbonization have historically been steeper,” said Pavel Molchanov, an energy analyst at Raymond James. “Rondo’s technology is differentiated because it addresses the underserved industrial heat market and can be implemented everywhere there is renewable power available.”
To learn more about Rondo, visit www.rondo.energy.
About Rondo Energy
Rondo Energy makes industrial decarbonization possible — and profitable — today. The Rondo Heat Battery captures low-cost renewable electricity and delivers continuous high-temperature heat, enabling customers to power their operations with zero-carbon energy. Learn more at rondo.energy.
About Breakthrough Energy Ventures
Founded by Bill Gates and backed by many of the world’s top business leaders, BEV has raised more than $2 billion in committed capital to support cutting-edge companies that are leading the world to net-zero emissions. BEV is a purpose-built investment firm that is seeking to invest, launch and scale global companies that will eliminate GHG emissions throughout the economy as soon as possible. BEV seeks true breakthroughs and is committed to supporting these entrepreneurs and companies by bringing to bear a unique combination of technical, operational, market and policy expertise. BEV is a part of Breakthrough Energy, a network of investment vehicles, philanthropic programs, policy advocacy and other activities committed to scaling the technologies we need to reach net-zero emissions by 2050. Visit www.breakthroughenergy.org to learn more.
About Energy Impact Partners
Energy Impact Partners, LP (EIP) is a global venture capital firm leading the transition to a sustainable future. EIP brings together entrepreneurs and the world's most forward-looking energy and industrial companies to advance innovation. With over $2 billion in assets under management, EIP invests globally across venture, growth, credit, and infrastructure – and has a team of nearly 60 professionals based in its offices in New York, San Francisco, Palm Beach, London, Cologne, and Oslo. For more information about Energy Impact Partners, please visit www.energyimpactpartners.com.
