Antora Energy has raised $550 million in an oversubscribed Series C funding round co-led by G2 Venture Partners and Eclipse. New investors in the round included Ribbit Capital, Salesforce Ventures, Activate Capital, John Doerr, Westly Group, StepStone Group and Liberty Mutual Strategic Ventures. Existing investors Decarbonization Partners, Impact Science Ventures, Trust Ventures, Breakthrough Energy Ventures and Lowercarbon Capital also participated.
The San Jose, California-based company will use the funding to accelerate large-scale energy projects, increase production, establish a second U.S. manufacturing hub and strengthen its domestic supply chain.
Antora develops thermal batteries that store low-cost electricity as heat within insulated blocks of solid carbon. The systems can provide around-the-clock heat or electricity to factories, chemical plants, food producers, steelmakers, data centers and power grids.
The company said its modular systems avoid supply-constrained critical minerals and can be deployed more quickly than energy infrastructure requiring lengthy construction timelines.
Antora recently deployed a five-gigawatt-hour battery storage system in South Dakota. The project advanced from the beginning of construction to delivering energy in less than 12 months.
The company is now expanding a pipeline of signed agreements with hyperscale data center operators and major industrial customers.
Antora also recently expanded its San Jose facility into a three-building manufacturing campus. The new funding will support additional projects across more sectors and geographic markets.
KEY QUOTES:
“From factories to data centers, 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 U.S. manufacturing, delivering affordable energy across the country and around the world.”
Andrew Ponec, Co-Founder and CEO of Antora Energy
“Antora has moved beyond proving the technology to demonstrating it can manufacture and deploy at remarkable speed and scale. The Eclipse team has spent decades helping companies rapidly accelerate manufacturing and deployment, and Antora has the team, technology and execution capabilities to become a foundational part of America’s energy infrastructure.”
Joe Fath, Partner and Head of Growth at Eclipse
“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.”
Jake Tauscher, Partner at G2 Venture Partners
“This financing unlocks a new phase of growth for Antora. In 2024, we opened our U.S. factory, which is now one of the largest battery factories in the country. Earlier this year, we turned on one of the largest battery storage projects in the world. This funding round is how we deploy more projects, more quickly, across more sectors and geographies.”
Nehali Jain, Vice President of Strategy and Growth at Antora Energy
