EnterpriseWorks clean energy startup Cache Energy closed an over-subscribed seed funding round, ultimately raising $4.5 million.
The financial support is coming from Grantham Foundation, MUUS Climate Partners and Cantos Ventures.
Cantos Managing Director Ian Rountree said, “Cantos is excited to invest in Cache to deploy its unique long duration energy storage solution. An industrial heat application that leverages existing infrastructure without significant storage investment is unmatched to what we’ve seen in the market.”
Cache Energy developed a clean “solid fuel” which decarbonizes industrial processes and enables long-duration energy storage. Their technology adopts industrial processes to solve some of the hardest problems on the pathway to net-zero emissions. The low-cost solid storage material is safely stored at room temperature with near zero loss over months and can be easily transported to where energy is needed, providing the same dispatchability as fossil fuels but in a cleaner fashion.
“This is a testament to the ever-growing support our grand vision at Cache Energy around decarbonization is receiving,” said CEO Arpit Dwivedi in a LinkedIn post sharing the company-changing news. “The speed at which we have moved is a result of discipline, capital efficiency, practicality of our technology but most importantly the people who continue to support us every day.”
With the seed funding, the company plans to demonstrate a commercial pilot later this year.
Many congratulations to Cache Energy, Dwivedi, and his team on the funding success. We are looking forward to seeing how Cache Energy grows and expands.