Antora Energy has announced the completion of a $550m Series C funding round aimed at accelerating the deployment of large-scale thermal battery storage solutions across the US.
The funding round was co-led by Eclipse and G2 Venture Partners. It involved additional backing from new investors including Ribbit Capital, Activate Capital, Salesforce Ventures, Westly Group, John Doerr, StepStone Group and Liberty Mutual Strategic Ventures.
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Existing investors, such as Impact Science Ventures, Decarbonization Partners, Trust Ventures, Breakthrough Energy Ventures and Lowercarbon Capital, also participated.
According to Antora, the new capital will support the development of further large-scale energy projects nationwide, the expansion of manufacturing activities and the establishment of a second US production facility.
The company stated that this move would also reinforce its domestic supply chain.
In May, Antora completed the deployment of Project Big Stone, which it describes as one of the world’s largest battery storage projects. Located in South Dakota, the 5GWh system was brought online in less than a year from the initial build.
The company is now working to expand this model, reporting a growing pipeline of signed agreements with industrial clients and hyperscale data centre operators.
Antora co-founder and CEO Andrew Ponec said: “From factories to data centres, energy is the bottleneck to industrial growth. Antora has shown we can help break that bottleneck – delivering energy fast, at massive scale, with American innovation.
“With this funding round, we’re continuing to strengthen our investment in US manufacturing, delivering affordable energy across the country and around the world.”
Antora’s technology relies on thermal batteries that store electricity as heat within blocks of solid carbon.
These modules can reportedly supply energy to industries such as chemicals, food production and steelmaking, as well as to data centres and the national grid.
The batteries are designed to store energy for multiple days, and do not rely on critical minerals that could limit supply or extend construction timelines.
Antora secured $150m in Series B funding in early 2024. Earlier, in December 2022, it raised $50m in a Series A round and announced the acquisition of Medley Thermal to accelerate the commercial rollout of its zero-carbon heat and power technology for industrial decarbonisation.
Medley Thermal specialised in project development and software for deploying renewable power-to-heat systems in large commercial and industrial sites.
G2 Venture Partners partner Jake Tauscher said: “Our energy system is at an inflection point, and very few companies can meet soaring power demand. Antora is meeting that demand today.
“They’re deploying at scale, on budget, and on the rapid timelines customers need. That’s how generational energy companies are built, and it’s why we’re proud to co-lead this round.”
