Fourth Power’s $19M Boost for Innovative Thermal Battery Technology
Fourth Power, a leader in utility-scale thermal battery solutions, has secured $19 million in a Series A funding round. Led by venture capital firm DCVC, with contributions from Breakthrough Energy Ventures and Black Venture Capital Consortium, the funding will support the construction of a 1 MWh-e thermal battery facility near Boston.
Transformative Cost-Effective Energy Storage Solutions Unveiled
This funding enables Fourth Power to scale its groundbreaking thermal battery technology, providing cost-effective solutions for short- and long-term energy storage. The company’s system, using readily available materials, ensures electricity storage costs are ten times lower than lithium-ion batteries.
Guinness World Record Technology Revolutionizing Renewable Energy
Fourth Power’s high power density, achieving a Guinness World Record for high-temperature liquid metal heat transfer, operates at almost half the sun’s temperature. The technology converts renewable energy into heat, storing it using thermophotovoltaic (TPV) cells, offering grid operators maximum flexibility at minimal costs.
Accelerating the Global Transition to Clean Energy
Fourth Power’s CEO, Arvin Ganesan, expressed the company’s vision to combat climate change by providing reliable, cost-effective renewable energy for the grid. With the support of investors, Fourth Power aims to reshape the clean energy landscape by making grid-scale thermal battery storage the most economical power production solution.
Industry Recognition and Milestones
Developed by Asegun Henry, Ph.D., Fourth Power’s thermal battery technology holds several records, including a Guinness World Record for the highest temperature pumping of liquid metal at 1200°C degrees. Beyond the 1 MWh-e facility development, the funding will support durability tests and the expansion of the company’s engineering team.
Source: businesswire.com
