Redoxblox, a US company specializing in thermochemical energy storage systems (TCES), has successfully closed its Series A financing round, raising approximately $40.7 million.
This funding round builds on recent grants awarded by the California Energy Commission (CEC) and the US Department of Energy (DoE).
The San Diego-based firm announced on Wednesday that it secured an additional $30 million in this financing, led by Prelude Ventures, with participation from Imperative Ventures, New System Ventures, and existing investors including Breakthrough Energy Ventures and Khosla Ventures.
Redoxblox focuses on developing TCES units capable of storing energy chemically and as heat at high temperatures, which enables grid-scale, long-duration energy storage.
The modules are designed using durable, non-toxic, non-flammable, and recyclable materials, capable of operating at temperatures up to 1,500°C. Each unit can store up to 20 MWh of energy with an impressive 95% round-trip efficiency.
Prior to this funding extension, Redoxblox raised $9.4 million in its initial Series A round led by Khosla Ventures. The company also received an $8.9 million grant from the CEC and $6.7 million from the DoE to support its TCES demonstrations.
The CEC grant focuses on a project aimed at providing 24 hours of electricity storage in collaboration with UC San Diego and the Electric Power Research Institute (EPRI). The DoE grant is intended for an industrial-scale project in partnership with Dow Chemical and EPRI to decarbonize steam production at Dow's facility in West Virginia.
In addition, Redoxblox announced the appointment of Pasquale Romano as the new CEO to guide the company through its next phase of growth, targeting key markets in industrial heat and long-duration grid-scale storage.
