Redoxblox, a San Diego-based startup, has raised $30 million in a Series A funding round led by Prelude Ventures and Breakthrough Energy Ventures. The company aims to scale its thermochemical energy storage systems (TCES) to support industrial decarbonization and grid storage. The TCES units developed by Redoxblox can store energy both chemically and as heat at high temperatures.
This allows for continuous or on-demand discharge for industrial processes or electricity generation. The system can fast charge when electricity prices are low or during periods of surplus renewable generation. Gabriel Kra, Managing Partner at Prelude Ventures, said, “Redoxblox is tackling one of the toughest sectors to decarbonize, industrial heat.
They’ve created an electrical alternative to natural gas that is affordable, easy to adopt, and charges more quickly than other solutions.
Redoxblox scaling thermochemical energy storage
We’re excited to support them as they continue to scale and bring this solution to market.”
Redoxblox also announced the appointment of Pasquale Romano as the new CEO.
Romano, formerly President and CEO of ChargePoint and currently a member of the President of the United States’ National Infrastructure Advisory Council (NIAC), will lead the company through its next phase of growth. Romano stated, “Decarbonization depends on widespread adoption of cost-competitive alternatives to fossil fuels for industrial heat applications that address the time-varying nature of electricity demand and fluctuating renewable generation. Our goal is to address the density, cycle life, reliability, efficiency, and cost requirements to enable the world to decarbonize without economic compromise.”
The Series A funding follows $26.7 million in grants from the California Energy Commission (CEC) and the U.S. Department of Energy (DOE).
These funds will be used to demonstrate the ability to provide 24 hours of electricity storage capacity in collaboration with UC San Diego and the Electric Power Research Institute (EPRI). The DOE’s Industrial Efficiency and Decarbonization Office also selected Redoxblox for an industrial-scale thermochemical energy storage project, partnering with Dow Chemical and EPRI to decarbonize steam production at Dow’s West Virginia plant. With the new funding and strategic partnerships, Redoxblox is well-positioned to advance its innovative energy storage solutions and contribute to the decarbonization of the industrial sector.
