Fourth Power Secures $19M For Low-Cost Utility-Scale Thermal Energy Storage To Enable A Fully Renewable Grid
Fourth Power Secures $19M For Low-Cost Utility-Scale Thermal Energy Storage To Enable A Fully Renewable Grid
12/12/23, 11:04 AM
Location
cambridgeMoney raised
$19 million
Industry
renewable energy
Investors
Black Venture Capital Consortium, Breakthrough Energy Ventures, Dcvc
To meet the growing demand for renewable energy on the grid, Fourth Power has received $19 million in Series A funding to scale its cost-effective groundbreaking thermal battery technology. The investment round was led by the venture capital firm DCVC, with participation from Breakthrough Energy Ventures (BEV) and Black Venture Capital Consortium. In addition to helping scale the company’s thermal energy storage solution, which can store energy for both short- and long-term durations to be put back on the grid as electricity, the investment will initiate the construction of a 1 MWh-e prototype facility outside Boston, with a 2026 anticipated completion date.
Company Info
Location
cambridge, maryland, united states
Additional Info
Fourth Power is a thermal battery energy storage company. Our technology makes renewable energy an on-demand energy source through utility-scale thermal storage. We can harness today’s wasted wind and solar production to respond to grid needs at a cost competitive with fossil fuels.
Our modular battery can provide 5 to 10 hours of storage to meet needs now and scale with renewable deployment for needs up to 100 hours and any increment in between. With the ability to provide short- and long-duration energy storage (LDES), we can start small and grow with the grid to save consumers money and ensure a clean energy future.