RedoxBlox Raises $40.7M in Series A Funding to Drive Sustainable Industrial Energy and Grid Storage Solutions

RedoxBlox has successfully raised an additional $30 million in Series A funding, bringing the total to $40.7 million, with Prelude Ventures leading the round and participation from Imperative Ventures, New System Ventures, and existing investors Breakthrough Energy Ventures and Khosla Ventures. The company is at the forefront of developing low-cost thermochemical energy storage systems (TCES) aimed at accelerating industrial decarbonization and addressing the long-duration energy storage needs of the grid.

RedoxBlox’s TCES technology allows energy to be stored chemically and as heat at high temperatures, facilitating continuous or on-demand energy discharge for industrial processes or electricity generation. The system can rapidly charge when electricity prices are low or during periods of surplus renewable generation. Currently, 95% of industrial heat is produced from fossil fuels, contributing to 30% of global carbon emissions. Decarbonizing this sector has been challenging due to a lack of affordable emissions-free alternatives. RedoxBlox’s solution offers conversion efficiency comparable to lithium-ion batteries, higher energy density, and the ability to discharge high-temperature air, making it a reliable and cost-competitive alternative to fossil fuels.

The company also announced the appointment of Pasquale Romano as CEO. Romano, formerly the President and CEO of ChargePoint and a member of the President’s National Infrastructure Advisory Council, will guide RedoxBlox through its next growth phase, focusing on key markets for industrial heat and long-duration grid-scale storage. Romano emphasized that effective decarbonization depends on the adoption of affordable alternatives to fossil fuels that can meet fluctuating energy demands.

RedoxBlox’s technology has garnered support from the California Energy Commission (CEC) and the U.S. Department of Energy (DOE). Notably, the CEC has selected RedoxBlox for a project in collaboration with UC San Diego and the Electric Power Research Institute (EPRI) to demonstrate 24-hour electricity storage. Additionally, the DOE has chosen RedoxBlox for a project aimed at decarbonizing steam production at Dow Chemical’s West Virginia plant.

Built with stable, non-toxic, and recyclable materials, RedoxBlox’s storage modules can operate at temperatures up to 1,500°C. Each unit can store up to 20 MWh of energy with 95% round-trip efficiency, allowing for rapid charging in just two hours. This technology integrates seamlessly into existing industrial processes, enabling businesses to adopt it without significant operational changes. Gabriel Kra, Managing Partner at Prelude Ventures, praised RedoxBlox for creating an affordable electrical alternative to natural gas and expressed enthusiasm for supporting the company as it scales its innovative solution.