The industrial sector engages in some of the most environmentally destructive processes that exist. But over the last few decades, there’s been a huge surge in companies and investors targeting greener solutions to industries like construction, steelmaking and chemical processing.
One answer is renewable thermal batteries, a relatively young technology that harnesses and stores renewable energy—often in carbon blocks or molten salt—to power industrial operations.
In 2023, thermal battery startups raised over $170 million in venture funding, and are on pace to more than double that in 2024, according to PitchBook data.
Here are 10 startups developing renewable thermal battery technology that have raised the most venture capital funding.
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