ENERGY STORAGE

Rondo, Breakthrough Energy, the EC & EIB announce €75m in funding for European storage

June 27, 2024

Heat battery storage company Rondo Energy, Breakthrough Energy Catalyst, the European Commission, and the European Investment Bank announced €75 million in funding that will support three industrial decarbonisation projects in Europe.

US-headquartered Rondo will use the funding to expand its European presence and build projects delivering clean energy under long-term contracts. “Each project has been optimised to capture low-cost intermittent energy from local and remote wind and solar resources, to deliver ‘drop-in decarbonization’ for producers of food and beverage, clean fuel, and chemical production,” a statement said.

Covestro, a manufacturer of polymer materials and their components, has selected Rondo to deliver clean energy services at a production facility in Northern Germany. Meanwhile, Rondo will build a “clean utilities core” supplying the companies in GreenLab – an industrial park in Denmark, that works to demonstrate how energy waste can be reduced in industry – with “green heat”. An RHB100 powered by renewables will generate high pressure steam to drive a CHP steam turbine generator cycle, translating intermittent electricity into baseload heat and power for multiple companies at the park.

Rondo will also build a third project that charges from on-site and off-site solar, “delivering decarbonisation for a European producer in the food and beverage sector, with further details to be announced soon”, the statement added.

Eric Trusiewicz, CEO of Rondo Energy, said: “This project funding is a strong addition to our long-term relationship with Breakthrough, and puts Rondo firmly on the path to help eliminate the green premium for industrial heat electrification and to become a fully bankable technology which can be deployed at scale. The grant from Breakthrough Energy Catalyst and the loan from the European Investment Bank together underpin Rondo’s development throughout Europe, where we see very strong tailwinds to the adoption of our technology.”

Mario Fernandez, head of Breakthrough Energy Catalyst, added: “Rondo’s technology offers industry a unique opportunity to decarbonize with inexpensive renewable electricity. Rondo’s deployment is crucial at a time when European manufacturers are urgently looking for ways to eliminate their dependence on natural gas. We’re proud to support these important projects across Europe and to work with such great partners in Rondo, the European Investment Bank, and the European Commission who bring the commitment and vision to commercialize this critical technology.”

Meanwhile, EIB Vice-President Thomas Östros said: “The green transition requires massive investment for innovative technologies to replace industrial processes based on fossil fuels. With today’s announcement, we are writing the next chapter of the EU-Catalyst partnership. We are delighted to support Rondo’s first-of-a-kind energy storage units. As the climate bank, we aim to finance many more net-zero technologies that will provide clean and affordable energy to power our industry and homes, while strengthening Europe’s competitiveness.”