EnterpriseWorks startup Cache Energy (Cache) has successfully secured a new investment, boosting its early funding to an impressive $8.5 million. Cache specializes in developing long-duration energy storage (LDES) technology utilizing low-cost materials capable of withstanding high temperatures.
The recent investment was led by Voyager Ventures, a venture capital firm that “invests in early-stage climate technology companies, creating the foundation of a decarbonized global economy and livable future for all.” The funding supports the development and scaling of Cache’s thermal storage system.
“The energy capacity cost is an order of magnitude cheaper than what we have seen anywhere in the market. The next alternative is at least 8-10 X more expensive,” said Arpit Dwivedi, founder and CEO of Cache Energy.
Voyage Ventures believes Cache will revolutionize industries like manufacturing and chemicals, which rely on large amounts of heat energy and need affordable storage options.
“With strong customer traction already from major utilities and industrial players, we are thrilled to support Arpit Dwivedi and his talented team as they scale this transformative technology to dramatically reduce emissions while saving customers money in these critical sectors,” said Leonardo Banchik of Voyager.
Over the past year, Cache has also worked with Halliburton to speed up its scaling and operations. Cache has earned acknowledgment from the Department of Energy and won two awards: the DOE Energy Innovation Prize and a pitch competition at the White House.
