Electrified Thermal Solutions – a leader in electrified heating and thermal energy storage solutions – announced it has raised $19 million to accelerate the commercial demonstration and growth of its MIT-developed Joule Hive Thermal Battery (JHTB) system. The round is backed by Holcim MAQER Ventures, Vale Ventures, TechEnergy Ventures, EDP Ventures, and Tupras Ventures alongside financial investor GVP Climate and follow-on investors Clean Energy Ventures and Starlight Ventures, with participation from Mass Ventures and Clean Energy Venture Group.
Industrial heat processes continue to challenge decarbonization efforts. And Electrified Thermal’s innovative solution utilizes renewable electricity sources to generate zero-carbon heat at unprecedented temperatures.
The company’s patented brick technology is the first thermal energy storage system to reliably deliver ultra-high temperatures reaching up to 1,800°C / 3,275°F. And this breakthrough enables cost-efficient electrification across industrial sectors and applications by providing zero-carbon heat generation that matches the flame temperatures industrial processes require.
This funding keeps Electrified Thermal on course to have a commercial demonstration operational in 2025, the critical next step in decarbonizing industry. And the funding will help Electrified Thermal lay the foundation for scaling manufacturing and support efforts to expand its industrial customer base and secure contracts. Electrified Thermal’s 2025 JHTB demonstration will propel it forward on its mission to deploy 2GWs of thermal power capacity by 2030.
KEY QUOTES:
“The world demands technology solutions that can do the job of fossil fuels affordably, scalably, and without carbon emissions. Mining, metals, cement, chemicals – the foundations of our built environment – are the most energy-intensive and stubborn industries to decarbonize. With the backing of these investors, our upcoming commercial demonstration will showcase the unmatched capabilities of the Joule Hive Thermal Battery at industrial scale, accelerating deployment across all heating applications, from boilers to dryers to furnaces in every industry.”
- Daniel Stack, Co-founder and CEO of Electrified Thermal
“The team at Electrified Thermal Solutions has developed an innovative technology that turns bricks into batteries. With our investment, we look forward to scaling up this clean energy solution across our operations to accelerate the shift to sustainable building at scale.”
- Nollaig Forrest, Chief Sustainability Officer, Holcim
“Investing in start-ups with solutions that promote the decarbonization of the mining chain is one of our key missions. Electrified Thermal’s solution has the potential, in the future, to contribute to the decarbonization of our direct scope 1 emissions, as well as scope 3 emissions, relating to our value chain, by generating high temperature heat for industrial processes through electricity instead of fossil fuel.”
- Bruno Arcadier, head of Vale Ventures
“Electrified Thermal stands out for their pragmatic approach to solving industry’s most pressing challenge – efficiently and economically decarbonizing industrial heat – with the added benefits of seamlessly integrating into existing infrastructure and unlocking a market opportunity of ca. $100 billion.”
- Brett Olsher, Co-founder and CIO of GVP Climate
“With the mission to lead the energy transition, EDP is already at the forefront of decarbonizing industrial processes by offering electrification solutions to its clients. EDP Ventures’ investment in Electrified Thermal Solutions reinforces this commitment, making it more competitive and achievable for industrials to shift to renewable sources and to reach net zero.”
- Luís Castro Henriques, General Partner of EDP Ventures
