Storage company Rondo Energy secures $60m in investment

August 18, 2023

Californian energy storage company Rondo Energy has secured $60 million in new investment from a group of investors including Rio Tinto, Microsoft’s Climate Innovation Fund, and Aramco Ventures.

Other participating investors included  SABIC, Siam Cement Group, TITAN Cement Group, Breakthrough Energy Ventures, Energy Impact Partners, Sustainable Development Capital.

By leveraging materials like brick and iron wire, the Rondo Heat Battery “minimises safety, durability, cost, and supply chain risk”, the company says. Thousands of tons of bricks are heated directly by thermal radiation, and store energy for hours or days with very low loss – less than 1 per cent per day – the company claims.