Terrajoule, developers of a flexible technology platform for
distributed energy generation, energy storage (at a cost five times
lower than today’s batteries), and energy efficiency, announced an
$11.5 million Series A round of funding. Investors include global
venture capital firm New Enterprise Associates (NEA); Air Liquide Investments in the future And Demonstration (ALIAD),
the capital development company of Air Liquide; and individual
investors. Air Liquide is a world leader in gases for industry,
health, and the environment.
“Terrajoule’s energy storage solution removes a fundamental obstacle
to the next few decades of sustainable energy growth worldwide,” said
Arno Penzias, NEA Venture Partner, Nobel Prize winner (Physics 1978) and
Terrajoule advisor. “Since NEA’s initial investment in 2009, the
company has made outstanding technological progress, and we’re excited
to partner with Terrajoule in its next stage of growth.”
NEA General Partner Forest Baskett added, “In addition to the core
technology, we really like Terrajoule’s approach to the market. By
working through channel partners in industrial, agricultural and other
sectors, the company can scale to play a major role in worldwide energy
markets without the massive capital requirements that have posed
significant challenges to other new energy technologies.”
ALIAD, part of Air Liquide’s Advanced Business and Technologies
network, is the Air Liquide subsidiary dedicated to investing in young
innovative companies offering differentiating technologies. The
Terrajoule technology that converts waste heat to valuable electricity
provides Air Liquide with the means of increasing energy efficiency and
reducing the carbon footprint of hydrogen units while improving
competitive financial factors.
Terrajoule’s technology platform leverages a breakthrough in energy
storage technology yielding a cost five times lower than today’s
batteries and without degradation or cycle limitations over a 25-year
system life. The result is continuous, on-demand solar power generation,
from 100 kW to 20 MW, with a compelling payback compared to
diesel-based off-grid and on-grid power. The company is targeting a
number of applications in the industrial and agricultural sectors
including distributed electricity production, especially in locations
with electrical grids that are inadequate to support economic growth,
and waste heat recovery to improve the efficiency of industrial
operations.
An essential characteristic of the Terrajoule system is its ability
to rapidly respond to changes in load, functioning equivalently to the
diesel generators it replaces, and without volatile fuel costs. Energy
storage is based on pressurized saturated water, with 98%
storage/retrieval efficiency. Energy conversion is performed via
reciprocating steam piston engines that are highly efficient across a
wide range of operating power. The system generates steam through mature
solar concentrator technology.
“Developing a game-changing energy storage solution, is about more
than technology. We’ve focused on building the right value proposition,
market channels, and capital partners to build a business with global
reach and scale without depending on government subsidies,” said Steve
Bisset, Terrajoule Co-Founder and CEO. “With our early customer
successes, the ongoing support of NEA, and now in partnership with Air
Liquide, we are excited bring the Terrajoule innovation in energy
storage to key global markets.”
Other major investors in the round include Jim Bochnowski (Menlo
Park, California) and Craig Winkler (Australia). Greg Fleming, an
investment director at Air Liquide, has joined Terrajoule’s board of
directors.
Terrajoule Corporation, headquartered in Redwood City, CA, was
founded in 2009 to extend the worldwide reach and penetration of
renewable energy, by solving the fundamental problem of intermittent
supply of solar and wind power. Terrajoule has demonstrated 24/7 solar
power with a distributed industrial-scale power plant and is currently
developing the technology for volume production in 2015. Terrajoule’s
key partnerships include JKB Energy of Turlock, CA, a leading supplier
of solar power systems to agriculture and industry, and Roush Industries
of Livonia, Michigan, a leading developer of automotive and energy
systems.
NEA is a leading venture
capital firm focused on helping entrepreneurs build transformational
businesses across multiple stages, sectors and geographies. With more
than $13 billion in committed capital, the firm invests in information
technology and healthcare companies at all stages in a company’s
lifecycle, from seed stage through IPO. NEA’s long track record of
successful investing includes more than 175 portfolio company IPOs and
more than 300 acquisitions. For additional information, visit www.nea.com.
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