The Energy Storage Report 2024

Now available to download, covering deployments, technology, policy and finance in the energy storage market

Thermal storage firm Rondo Energy raises US$60 million


Thermal energy storage company Rondo Energy has completed a US$60 million fundraising round from investors including Rio Tinto, Microsoft, Aramco and Energy Impact Partners.

The funding, announced yesterday (16 August), was provided by existing investors Breakthrough Energy Ventures, Energy Impact Partners, SCG, and TITAN as well as new ones.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

New investors joining them were Microsoft’s Climate Innovation Fund, mining giant Rio Tinto, chemicals firm SABIC, Saudi Aramco’s investment arm Aramco Ventures, investors SDCL Energy Efficiency Income Trust (SEEIT) and individual John Doerr.

Rondo’s product is a refractory brick that can be heated to as high as 1500°C (2732°F) and retains the heat to then be used either in heat form or for conversion back to electricity. The heat can be discharged over durations that span hours or days.

As part of the deal, Rio Tinto, Aramco Ventures, SABIC, SCG, TITAN, and SEEIT all joined Rondo’s Strategic Investor Advisory Board.

“We are honoured and excited by this opportunity to go faster by working with these leaders. Our Strategic Investor Advisory Board will help Rondo focus on the simplest, fastest ways to power their operations with low-cost clean energy and shape our priorities for ongoing research and development.” said John O’Donnell, CEO of Rondo Energy.

Industry accounts for a substantial chunk of global greenhouse gas emissions, with figures varying but it could be as high as 36% according to Rondo’s media release which called the electrification of industrial heat “the next trillion dollar market”.

The fundraise from Rondo comes a few months after it announced plans to build a production facility to manufacture its technology with an eventual annual capacity of up to 90GWh, it claimed.

The thermal energy storage sector has received a lot of interest in recent weeks. Last week, reported on two other technology providers Kraftblock and MGA Thermal raising a combined US$27 million to commercialise their technology.

Read Next

July 17, 2024 Premium speaks to one of the chief architects of the Capacity Investment Scheme (CIS), aimed at breaking down barriers to investment and deployment in Australia’s renewable energy and storage sectors.
July 16, 2024
Independent power producer (IPP) Atlas Renewable Energy discussed its large-scale BESS projects in Chile, where gigawatts of projects are expected to come online in the next few years.
July 12, 2024
Emerging energy storage markets across Asia face a similar learning curve today as their maturing counterparts have done in the past.
July 11, 2024
India’s cumulative battery energy storage system (BESS) installations stood at 219.1MWh at the end of March 2024, according to Mercom India.
July 10, 2024
A 150MW BESS at the flagship Cleve Hill solar and storage project in the UK can now go ahead after its refusal by the local council was successfully appealed.

Most Popular

Email Newsletter