Electrified Thermal Secures $19 Million in Venture Financing from Leading Global Industrials and Venture Capital Firms to Electrify Industry

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Dec 12, 2024, 08:36 ET

Investment round including building materials industry leader Holcim and climate tech investor GVP Climate to advance commercial demonstration of company's Joule Hive™ Thermal Battery to decarbonize industrial heat processes

BOSTON, Dec. 12, 2024 /PRNewswire/ -- Boston-based Electrified Thermal Solutions, a leader in electrified heating and thermal energy storage solutions, has raised $19 million to accelerate the commercial demonstration and growth of its MIT-developed Joule Hive Thermal Battery (JHTB) system. The round is backed by world-leading industrials in the mining, metals, building materials and energy sectors, including Holcim MAQER Ventures, Vale Ventures, TechEnergy Ventures, EDP Ventures and Tupras Ventures alongside financial investor GVP Climate and follow-on investors, Clean Energy Ventures and Starlight Ventures, with participation from Mass Ventures and Clean Energy Venture Group .

Industrial heat processes, a critical yet overlooked source of global emissions, continue to challenge decarbonization efforts. Accounting for 20% of greenhouse gas emissions – 85% of which are derived from fossil fuel combustion – these energy-intensive sectors lack cost-effective options for decarbonization today. Electrified Thermal's innovative solution leverages renewable electricity sources to generate zero-carbon heat at unprecedented temperatures. Its patented brick technology is the first thermal energy storage system to reliably deliver ultra-high temperatures reaching up to 1,800°C / 3,275°F. This breakthrough enables cost-efficient electrification across industrial sectors and applications, by providing zero-carbon heat generation that matches the flame temperatures industrial processes require.

"The world demands technology solutions that can do the job of fossil fuels affordably, scalably, and without carbon emissions," said Daniel Stack, Co-founder and CEO of Electrified Thermal. "Mining, metals, cement, chemicals – the foundations of our built environment – are the most energy-intensive and stubborn industries to decarbonize. With the backing of these investors, our upcoming commercial demonstration will showcase the unmatched capabilities of the Joule Hive Thermal Battery at industrial scale, accelerating deployment across all heating applications, from boilers to dryers to furnaces in every industry."

Nollaig Forrest, Chief Sustainability Officer, Holcim said, "The team at Electrified Thermal Solutions has developed an innovative technology that turns bricks into batteries. With our investment, we look forward to scaling up this clean energy solution across our operations to accelerate the shift to sustainable building at scale."

Global mining company Vale echoed this sentiment. "Investing in start-ups with solutions that promote the decarbonization of the mining chain is one of our key missions", said Bruno Arcadier, head of Vale Ventures. "Electrified Thermal's solution has the potential, in the future, to contribute to the decarbonization of our direct scope 1 emissions, as well as scope 3 emissions, relating to our value chain, by generating high temperature heat for industrial processes through electricity instead of fossil fuel."

"Electrified Thermal stands out for their pragmatic approach to solving industry's most pressing challenge – efficiently and economically decarbonizing industrial heat – with the added benefits of seamlessly integrating into existing infrastructure and unlocking a market opportunity of ca. $100 billion," added Brett Olsher, Co-founder and CIO of GVP Climate.

"With the mission to lead the energy transition, EDP is already at the forefront of decarbonizing industrial processes by offering electrification solutions to its clients. EDP Ventures' investment in Electrified Thermal Solutions reinforces this commitment, making it more competitive and achievable for industrials to shift to renewable sources and to reach net zero", said Luís Castro Henriques, General Partner of EDP Ventures.

This funding keeps Electrified Thermal on course to have its first-of-a-kind commercial demonstration operational in 2025, the critical next step in decarbonizing industry. The investment will help Electrified Thermal lay the foundation for scaling manufacturing and support efforts to expand its industrial customer base and secure contracts. Electrified Thermal's 2025 JHTB demonstration will propel it forward on its mission to deploy 2GWs of thermal power capacity by 2030.

About Electrified Thermal Solutions: Electrified Thermal Solutions is pioneering the future of zero-carbon industrial heat. Developed at MIT, the electrically and thermally conductive bricks at the heart of Electrified Thermal's Joule Hive^TM Thermal Battery (JHTB) represent a step-change improvement in electric heating element technology in terms of high-temperature performance and durability. The company's JHTB generates, stores, and delivers unprecedented near-flame temperature heat (up to 1,800°C / 3,275°F), offering the most cost-effective, clean alternative to fossil fuels.

With industrial heat processes responsible for over 20% of global greenhouse gas emissions, Electrified Thermal is creating the commercially viable decarbonization pathway for industries such as power, cement, mining, steel and metals, chemicals, and food processing. The Boston-based company is on track to commercialize the JHTB by 2026, accelerating the transition to decarbonized industrial processes and helping industries meet their net-zero goals.

For more information, please visit www.electrifiedthermal.com.

Media Contact:
Emily Torrans
Mahoney Communications Group
[email protected]
(212) 220-6045

SOURCE Electrified Thermal Solutions