Electrified Thermal Solutions Secures $19 Million to Revolutionize Industrial Heat with Joule Hive Thermal Battery Technology
Electrified Thermal Solutions, a pioneering company in electrified heating and thermal energy storage solutions, has secured a significant investment to propel its mission to decarbonize industrial heat processes. The company, based in Boston, has raised $19 million in venture financing from a consortium of leading global industrials and venture capital firms.
This funding round is crucial for Electrified Thermal Solutions as it aims to accelerate the commercial demonstration and growth of its innovative Joule Hive Thermal Battery (JHTB) system. Developed at MIT, the JHTB is designed to convert intermittent renewable electricity into constant industrial-grade heat, offering a groundbreaking solution for industries seeking to transition away from fossil fuels.
The investment is backed by prominent players in the mining, metals, building materials, and energy sectors, including Holcim MAQER Ventures, Vale Ventures, TechEnergy Ventures, EDP Ventures, and Tupras Ventures. Financial investors such as GVP Climate, Clean Energy Ventures, and Starlight Ventures also participated, along with Mass Ventures and Clean Energy Venture Group.
The funding will be instrumental in laying the foundation for scaling manufacturing and expanding Electrified Thermal Solutions’ industrial customer base. It will also support efforts to secure contracts and demonstrate the commercial viability of the JHTB system. The company is on track to have its first-of-a-kind commercial demonstration operational in 2025, a critical step in its mission to deploy 2GWs of thermal power capacity by 2030.
Industrial heat processes are a significant yet often overlooked source of global emissions, posing a substantial challenge to decarbonization efforts. Electrified Thermal Solutions’ technology addresses this issue by providing a reliable and efficient method for industries to shift to renewable sources and achieve net zero emissions.
Brett Olsher, Co-founder and CIO of GVP Climate, emphasized the importance of this investment, stating that industrial heat processes represent a $100 billion market opportunity. Luís Castro Henriques, General Partner of EDP Ventures, highlighted EDP’s commitment to leading the energy transition and making it more competitive and achievable for industries to switch to renewable sources.
Electrified Thermal Solutions’ Joule Hive Thermal Battery is a stack of electrically conductive firebricks in an insulated container, which can be installed on-site as a drop-in replacement for fossil fuels in even the hottest industries. The system charges by running electricity directly through the bricks to joule-heat them, circumventing the operating limits of today’s electric heaters. The same bricks store thermal energy up to 1800+°C with minimal thermal loss for hours or days until needed. Discharging the system simply involves running air or another gas through the brick channels to provide constant, high-temperature heat to any furnace, boiler, turbine, or kiln.
This innovative technology has the potential to revolutionize industrial heating by replacing fire with renewable heat, making it a crucial component in the global effort to decarbonize industry. With this significant investment, Electrified Thermal Solutions is poised to make a significant impact in the transition to a more sustainable and environmentally friendly industrial landscape.