Battery storage startup Antora Energy, co-founded by Andrew Ponec, Justin Briggs and David Bierman, has secured $550 million in Series C funding to scale production of its thermal battery technology as demand for long-duration energy storage continues to grow. The fresh capital will be used to build the company’s second manufacturing facility, expanding production of its modular thermal batteries that can operate alongside renewable energy sources or grid electricity.
The funding round was co-led by Eclipse and G2 Venture Partners earlier this month. Existing and new investors participating in the round include Breakthrough Energy Ventures, founded by Bill Gates, along with Decarbonization Partners, the climate investment joint venture between BlackRock Inc. and Temasek Holdings.
The investment comes as industries seek reliable energy storage solutions that can support the increasing use of renewable power while reducing dependence on fossil fuels.
Growing Demand for Long-Duration Energy Storage
As renewable energy accounts for a larger share of electricity generation, the need for energy storage has become increasingly important. Battery systems help store electricity when renewable generation is high and demand is low, allowing users to access that stored energy when solar and wind output declines or electricity prices increase.
Antora says its thermal battery technology is designed to provide firm energy continuously, helping industrial customers maintain reliable operations while making greater use of renewable electricity.
The company believes its products must offer economic benefits alongside environmental advantages in order to achieve wider adoption across industries.
High-Temperature Batteries Designed for Heavy Industry
One of Antora’s key differentiators is its ability to store heat at extremely high temperatures. Its thermal batteries operate at approximately 2,400 degrees Celsius (4,352 degrees Fahrenheit), making them suitable for industrial applications that require intense heat.
This capability makes the technology particularly relevant for sectors such as steel and cement manufacturing, where production processes rely on very high temperatures and have traditionally depended on fossil fuels.
By storing thermal energy instead of relying solely on conventional electrical batteries, the company aims to provide an alternative energy solution for industries that are among the hardest to decarbonize.
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Expanding Beyond Industrial Applications
In addition to supplying industrial facilities, Antora is also developing thermophotovoltaic technology, which converts stored heat into electricity using a process similar to solar photovoltaic systems.
The company is also pursuing projects outside heavy industry, including opportunities in the rapidly expanding data center sector. While Antora has confirmed its interest in serving data centers, it has not disclosed the names of any customers or ongoing projects.
Data centers are increasingly exploring independent energy generation and storage as they face delays in securing new grid connections. Thermal batteries can contribute by producing heat that generates steam, which can then be used to produce electricity when needed.
Rising Interest from Investors
Investors see growing potential for thermal energy storage beyond traditional industrial uses. The increasing power requirements of data centers and commercial facilities have created new demand for technologies capable of delivering reliable electricity over extended periods.
Unlike lithium-ion batteries, thermal batteries are generally less efficient at converting stored energy back into electricity. However, they are made using lower-cost materials and are capable of storing energy for several days, making them attractive for longer-duration storage applications where material costs play a significant role.
This combination of lower material costs and extended storage capability has positioned thermal energy storage as a promising option for applications that require energy over daily or multi-day periods.
Commercial Deployment Already Underway
Antora launched its first commercial project earlier this year with Poet LLC, a biofuel producer based in South Dakota. The project uses wind power to charge a thermal battery system that stores electricity which would otherwise be curtailed during periods of excess renewable generation.
According to BloombergNEF analyst Kyle Disselkoen, the South Dakota facility is currently the world’s largest thermal energy storage project, representing 89% of the estimated global thermal energy storage capacity.
The project enables Antora to purchase surplus wind electricity at reduced prices, store it as thermal energy, and supply it to Poet. The arrangement also allows the biofuel producer to benefit from federal tax credits intended to support clean fuel production.
Positioned for a Growing Energy Transition
As industries, utilities and data centers continue searching for reliable, cost-effective energy storage technologies, thermal batteries are gaining greater attention as an alternative to conventional battery systems. With fresh funding and expanding manufacturing capacity, Antora Energy is aiming to increase deployment of its technology across industrial and emerging commercial applications while supporting the broader shift toward cleaner energy use.
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