Zero Industrial – a leading development company decarbonizing industrial heat by utilizing thermal energy storage (TES) systems – announced that it closed $10 million in funding led by Evok Innovations with participation from Rusheen Capital Management.
Zero Industrial was launched in 2024 by Ted Kniesche and Jim McDermott to decarbonize industrial heat using commercially available TES systems at industrial facilities. And the company offers complete project development services to its customers, including technology selection, project design, and engineering of each TES system.
Zero Industrial will finance each project fully and sell clean heat or steam to its customers under a long-term Heat-as-a-Service contract without any upfront capital outlay required by the industrial facility.
KEY QUOTES:
“We are excited to partner with Evok and Rusheen to help us accelerate the deployment of thermal energy storage projects in North America. We are rapidly originating project opportunities with industrial customers who want to reduce their energy costs and lower their carbon footprint by using stored electricity as thermal energy, instead of burning gas, fuel oil or coal.”
- Ted Kniesche, founder and CEO
“We are excited to partner with Ted and his team at Zero Industrial to build a market leading development business that will accelerate the decarbonization of industry – one of the hardest to abate sectors of our economy. We continue to see massive growth from cheap, intermittent renewable generation, coupled with increasingly impacted electrical grids. Zero Industrial capitalizes on these market challenges by deploying thermal storage projects that will shift curtailed or off-peak clean electricity to baseload heat and steam used by industries globally.”
- Naynika Chaubey, Partner at Evok Innovations
