Fourth Power Raises $19 Million in Series A Funding
Fourth Power, a developer of grid-scale thermal battery storage systems, has secured a $19 million investment to construct a prototype system.
The financing round was led by venture capital firm DCVC and supported by Breakthrough Energy Ventures (BEV) led by Bill Gates and the Black Venture Capital Consortium.
The proceeds from the Series A round will be utilized to expand the startup’s technology and kickstart the development of a 1 MWh-e prototype facility, slated to be located outside Boston and operational by 2026. Additionally, the funds will be allocated towards testing and bolstering the company’s engineering team.
Based in Cambridge, Massachusetts, Fourth Power has engineered a thermal battery system capable of converting excess renewable energy into high-temperature heat exceeding 2,000°C. This energy is stored in graphite blocks, and when required, the heat is transferred to a power block which converts emitted light from the heated infrastructure back into electricity using thermophotovoltaics (TPV).
Asegun Henry, Founder and Chief Technology Officer of Fourth Power, expressed gratitude for reaching this pivotal milestone in the company’s journey, attributing it to the innovation and potential of Fourth Power’s thermal battery technology, as recognized by its funding partners.
