Climate and Clean Tech | August 21, 2023

Rondo raises fresh $60 million to electrify industrial processes

Amy Cortese
ImpactAlpha Editor

Amy Cortese

ImpactAlpha, Aug. 21 – Rondo Energy is tackling one of the biggest obstacles to the adoption of renewable power: storing intermittent power so it can be used on demand.

The Alameda, Calif.-based startup uses renewable inputs to heat specialized bricks that store heat for hours or days, for release when needed for industrial uses, from melting plastic to curing concrete. The low-cost “heat batteries” can replace boilers in existing facilities.

Rondo is building a 90 gigawatt-hour battery plant with Thai Siam Cement Group. That’s more than double the capacity of Tesla’s lithium-ion gigafactory in Nevada. 

Industrial mix

Rondo Energy raised a fresh $60 million from new and existing investors including Breakthrough Energy Ventures, Energy Impact Partners, SCG and building materials company TITAN Group, as well as Microsoft’s Climate Innovation Fund, Rio Tinto, Aramco Ventures, energy efficiency investor SDCL Energy Efficiency Income Trust and venture capitalist John Doerr.

The funding follows Rondo’s $22 million Series A round last February.