Fourth Power Secures $19M For Low-Cost Utility-Scale Thermal Energy Storage To Enable A Fully Renewable Grid
Leading $19 million in Series A funding was obtained by Fourth Power, a business devoted to transforming renewable energy storage, from DCVC, Breakthrough Energy Ventures (BEV), and Black Venture Capital Consortium. With the help of this investment, they hope to expand their cutting-edge thermal battery technology and construct a prototype plant outside of Boston by 2026.
Their thermal energy storage system addresses the intermittent nature of renewable energy sources like solar and wind by storing energy for both short- and long-term periods of time. In order to provide a dependable and affordable grid-scale energy storage solution, Fourth Power's technology transforms renewable energy sources into heat and uses carbon blocks to store and release heat as electricity.
CEO Arvin Ganesan expressed confidence in Fourth Power's ability to transform the clean energy environment and stressed their ambition of making renewable energy a dependable supply for the grid.
Their technology enhances the value of producing renewable energy by transforming it into thermal energy stored in liquid tin and carbon blocks heated to extremely high temperatures. The released light is then converted into electricity using thermophotovoltaic cells. In comparison to alternative energy storage solutions, the technology is intended to provide grid operators with more control and flexibility at a cheaper cost. Moreover, it is modular and scalable, enabling longer storage times by adding more carbon blocks.
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