Thermal energy storage developer Fourth Power announced today that it has raised $19 million in a series A financing round, with proceeds aimed at scaling the company’s utility-scale battery storage technology.
Energy storage solutions are emerging as a key energy transition investment area. Storage forms one of the major building blocks for the rapidly expanding clean energy transition, given the intermittent generating nature of many sources of renewable energy, such as wind and solar, and the need to satisfy round-the-clock energy demand, while ensuring that energy is not wasted.
Founded in 2021, Cambridge, Massachusetts-based Fourth Power provides thermal storage technology aimed at enabling renewable energy to serve as a cost effective and reliable source of power generation. The technology uses renewable energy to heat carbon blocks to very high temperatures, and storing the heat in a fully enclosed system for later release on demand to the grid as electricity.
Fourth Power founder and Chief Technology Officer, Asegun Henry, said:
“After more than ten years of research and development, we are grateful to reach this crucial milestone in our journey thanks to our funding partners who recognized the innovation and potential of Fourth Power’s thermal battery technology.”
The company said that the investment will be used to help scale its thermal energy storage solution, as well as to support the construction of a 1 MWh-e prototype facility outside Boston, anticipated to be complete in 2026, and to expand Fourth Power’s engineering team.
Arvin Ganesan, Fourth Power’s CEO said:
“Our vision has always been to tackle climate change by making renewable energy – which is the most cost-effective form of power – a reliable resource for the grid to use at all hours of the day. We need utility-scale energy storage that can grow with the grid to make this a reality on a global scale.”
The Series A round was led by venture capital firm DCVC, with participation from Breakthrough Energy Ventures and Black Venture Capital Consortium. The funding will also facilitate durability tests and expand the company’s engineering team.
Zachary Bogue, co-founder and Managing Partner at DCVC said:
“Fourth’s Power’s solution is an engineered sun-in-a-box. We are thrilled to join forces with this exceptional team, whose best-in-class technology can greatly increase the production and use of renewable energy.”