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					</table><a href="https://antoraenergy.com/" target="_blank" rel="noopener">Antora Energy</a>, a developer of thermal batteries, has raised $550 million in an oversubscribed Series C funding round co-led by G2 Venture Partners and Eclipse.
New investors included Ribbit Capital, Salesforce Ventures, Activate Capital, John Doerr, Westly Group, StepStone Group, and Liberty Mutual Strategic Ventures. Existing investors Decarbonization Partners, Impact Science Ventures, Trust Ventures, Breakthrough Energy Ventures, and Lowercarbon Capital also participated.
The company develops thermal batteries that store electricity as heat in insulated solid carbon blocks. The systems can deliver stored energy as heat or electricity for industrial facilities, data centers, and grid applications.
Antora plans to use the proceeds to accelerate project deployments, expand production, establish a second manufacturing hub in the U.S., and strengthen its domestic supply chain.
“This financing unlocks a new phase of growth for Antora,” said Nehali Jain, VP of Strategy and Growth at Antora. “In 2024, we opened our U.S. factory, which is now one of the largest battery factories in the country. Earlier this year, we turned on one of the largest battery storage projects in the world. This funding round is how we deploy more projects, more quickly, across more sectors and geographies.”
Antora said its insulated blocks can serve chemical plants, food producers, steel manufacturers, and other industrial customers.
The funding announcement follows Antora’s deployment of a 5 GWh energy storage system in South Dakota. The company said it is applying the project development model used for the South Dakota installation to a pipeline of signed agreements with hyperscale data center operators and industrial companies.
The funding follows a $150 million Series B funding round <a href="https://mercomcapital.com/thermal-battery-maker-antora-energy-raises-150-million/" target="_blank" rel="noopener">completed</a> in 2024. Decarbonization Partners, a partnership between BlackRock and Temasek, led the earlier round. Emerson Collective, GS Futures, The Nature Conservancy, and a subsidiary of NextEra Energy Resources also participated.
According to Mercom’s recently <a href="https://mercomcapital.com/product/1h-2026-funding-ma-report-energy-storage/" target="_blank" rel="noopener">released</a> 1H 2026 Funding and M&amp;A for Energy Storage report, energy storage companies totaled $1.6 billion across 51 deals in 1H 2026, representing a 6% YoY decline compared to the $1.7 billion raised across 36 deals in 1H 2025.

Thermal Battery Company Antora Energy Raises $550 Million in Funding

Ascend Elements, a lithium-ion battery recycling and engineered materials company <a href="https://cms.mercomindia.com/battery-materials-company-ascend-elements-raises-162-million/" target="_blank" rel="noopener">announced</a> it has raised $162 million in new equity investments. Major investors include Just Climate, Clearvision Ventures, and IRONGREY. The new funding will advance the construction of Ascend Elements’ Apex 1 facility in Hopkinsville, Kentucky, which will produce sustainable cathode precursor (pCAM) and is expected to open in early 2025.
Singapore-based renewable energy firm Vena Energy <a href="https://www.mercomindia.com/vena-energy-secures-600-million-loan" target="_blank" rel="noopener">signed</a> a five-year sustainability-linked revolving credit facility worth JP¥87 billion (~$600 million) to accelerate its operations in the Asia-Pacific region. The company has a renewable energy capacity of over 3 GW and over 4 GW of additional capacity under construction or contract.
Antora Energy, a developer of thermal batteries, <a href="https://cms.mercomindia.com/thermal-battery-maker-antora-energy-raises-150-million/" target="_blank" rel="noopener">secured</a>  $150 million in Series B funding to help ramp up production. The round was led by Decarbonization Partners, a partnership between BlackRock and Temasek. The funding round also saw participation from Emerson Collective, GS Futures, The Nature Conservancy, and a subsidiary of NextEra Energy Resources alongside existing investors Trust Ventures, Lowercarbon Capital, Breakthrough Energy Ventures, BHP Ventures, Overture VC, and Grok Ventures.
Altilium, a battery materials recycling company, <a href="https://cms.mercomindia.com/battery-recycling-firm-altilium-secures-series-a-funding/" target="_blank" rel="noopener">secured</a> $9.43 million from SQM Lithium Ventures,  the corporate venture arm of the lithium business of Sociedad Quimica y Minera de Chile (SQM), bringing its total investment to $12 million. The investment completes Altilium’s Series A funding round. Altilium is expanding its operations in the U.K. and Europe with the help of the funding. SQM Lithium Ventures made an initial investment of $2.57 million in Altilium last year.
India-based shared electric two-wheeler company Yulu has <a href="https://www.mercomindia.com/yulu-raises-1-6-billion-to-meet-demand" target="_blank" rel="noopener">raised</a> ₹1.6 billion ($19.25 million) in equity funding from existing investors Bajaj Auto and Magna International. The company will use these funds to scale up vehicles, operational locations, product and technology innovation, and strengthen market leadership to meet the user demand. Over the last year, the company said it has experienced a 5x growth in its revenue due to the increasing demand for shared mobility.
InSolare Energy, a Bengaluru-headquartered renewable developer and engineering, procurement, and construction (EPC) company, has <a href="https://www.mercomindia.com/renewable-epc-firm-insolare-energy-raises-%e2%82%b9660-million" target="_blank" rel="noopener">raised</a> ₹660 million (~$7.96 million) in a growth funding round. The funding was led by Negen Capital, with participation from Mukul Aggarwal, Anchorage Capital Fund, and Ankit Mittal – Khazana Tradelink. The company plans to utilize the funding to enhance its portfolio and EPC execution capabilities.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-and-ma-roundup-camus-energy-secures/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Ascend Elements Raises $162 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-ascend-elements-raises-162-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Ascend Elements, a lithium-ion battery recycling and engineered materials company <a href="https://mercomcapital.com/battery-materials-company-ascend-elements-raises-162-million/" target="_blank" rel="noopener">announced</a> it has raised $162 million in new equity investments. Major investors include Just Climate, Clearvision Ventures, and IRONGREY. The new funding will advance the construction of Ascend Elements’ Apex 1 facility in Hopkinsville, Kentucky, which will produce sustainable cathode precursor (pCAM) and is expected to open in early 2025.
Singapore-based renewable energy firm Vena Energy <a href="https://www.mercomindia.com/vena-energy-secures-600-million-loan" target="_blank" rel="noopener">signed</a> a five-year sustainability-linked revolving credit facility worth JP¥87 billion (~$600 million) to accelerate its operations in the Asia-Pacific region. The company has a renewable energy capacity of over 3 GW and over 4 GW of additional capacity under construction or contract.
Antora Energy, a developer of thermal batteries, <a href="https://mercomcapital.com/thermal-battery-maker-antora-energy-raises-150-million/" target="_blank" rel="noopener">secured</a>  $150 million in Series B funding to help ramp up production. The round was led by Decarbonization Partners, a partnership between BlackRock and Temasek. The funding round also saw participation from Emerson Collective, GS Futures, The Nature Conservancy, and a subsidiary of NextEra Energy Resources alongside existing investors Trust Ventures, Lowercarbon Capital, Breakthrough Energy Ventures, BHP Ventures, Overture VC, and Grok Ventures.
Altilium, a battery materials recycling company, <a href="https://mercomcapital.com/battery-recycling-firm-altilium-secures-series-a-funding/" target="_blank" rel="noopener">secured</a> $9.43 million from SQM Lithium Ventures,  the corporate venture arm of the lithium business of Sociedad Quimica y Minera de Chile (SQM), bringing its total investment to $12 million. The investment completes Altilium’s Series A funding round. Altilium is expanding its operations in the U.K. and Europe with the help of the funding. SQM Lithium Ventures made an initial investment of $2.57 million in Altilium last year.
India-based shared electric two-wheeler company Yulu has <a href="https://www.mercomindia.com/yulu-raises-1-6-billion-to-meet-demand" target="_blank" rel="noopener">raised</a> ₹1.6 billion ($19.25 million) in equity funding from existing investors Bajaj Auto and Magna International. The company will use these funds to scale up vehicles, operational locations, product and technology innovation, and strengthen market leadership to meet the user demand. Over the last year, the company said it has experienced a 5x growth in its revenue due to the increasing demand for shared mobility.
InSolare Energy, a Bengaluru-headquartered renewable developer and engineering, procurement, and construction (EPC) company, has <a href="https://www.mercomindia.com/renewable-epc-firm-insolare-energy-raises-%e2%82%b9660-million" target="_blank" rel="noopener">raised</a> ₹660 million (~$7.96 million) in a growth funding round. The funding was led by Negen Capital, with participation from Mukul Aggarwal, Anchorage Capital Fund, and Ankit Mittal – Khazana Tradelink. The company plans to utilize the funding to enhance its portfolio and EPC execution capabilities.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-camus-energy-secures-over-25-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://antoraenergy.com/" target="_blank" rel="noopener">Antora Energy</a>, a developer of thermal batteries, secured $150 million in Series B funding to help ramp up production. The round was led by Decarbonization Partners, a partnership between BlackRock and Temasek.
Emerson Collective, GS Futures, The Nature Conservancy, and a subsidiary of NextEra Energy Resources also participated in this round, alongside existing investors Trust Ventures, Lowercarbon Capital, Breakthrough Energy Ventures, BHP Ventures, Overture VC, and Grok Ventures.
Antora provides thermal energy-based solutions leveraging renewable electricity to heat blocks of solid carbon to glowing hot temperatures in an insulated module. The stored heat is then delivered at the scale and temperatures that large industrial operations demand.
With its thermophotovoltaic technology, the stored heat is directly converted into electricity with no moving parts, and the system can deliver on-demand electricity to industrial customers.
Over the past year, the company has been working towards launching its commercial-scale battery factory located in San Jose, California. Antora is also building a dedicated manufacturing line for thermophotovoltaic cells with an expected efficiency greater than 40% for its technology.
“When it comes to decarbonizing industry, we have no time to waste,” said Andrew Ponec, co-founder and CEO of Antora Energy.
In 2022, the company <a href="https://cms.mercomindia.com/thermal-energy-storage-antora-energy-funding/" target="_blank" rel="noopener">secured</a> $50 million, intending to use the amount to build out its first customer-sited projects and speed up hiring. The round was co-led by Breakthrough Energy Ventures and Lowercarbon Capital.
“Innovative technology is needed to help decarbonize the industrial energy sector as part of the transition to a low-carbon economy,” said Dr. Meghan Sharp, Global Head and Chief Investment Officer of Decarbonization Partners. “Antora is the clear leader in decarbonizing industrial heat, which constitutes 15% of global emissions. This capital enables Antora to scale up its manufacturing and commercial deployments, meeting the significant customer demand for its zero-emissions heat and power products in the United States and around the world.”
According to Mercom’s Annual and Q4 2023 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-q4-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Report </a>for Storage &amp; Smart Grid, venture capital funding in Energy Storage in 2023 was the highest ever recorded, increasing 59% year-over-year, with $9.2 billion in 86 deals compared to the $5.8 billion raised in 96 deals in 2022.

Thermal Battery Maker Antora Energy Raises $150 Million

<a href="https://antoraenergy.com/" target="_blank" rel="noopener">Antora Energy</a>, a California-based thermal energy storage developer, raised $50 million in funding.
Breakthrough Energy Ventures and Lowercarbon Capital co-led the funding round with Shell Ventures, BHP Ventures, Grok Ventures, Trust Ventures, Overture VC, Impact Science Ventures, and existing investor Fifty Years VC.
The company plans to use the fresh funds to build out its first customer-sited projects and speed up hiring.
“The manufacturing sector &#8211; including notoriously hard-to-decarbonize industries like cement, steel, and petrochemicals &#8211; accounts for a staggering 30% of global greenhouse gas emissions. Today, there aren’t scalable solutions to clean up the major drivers of these emissions – heat and power from combusting coal and gas,” says Andrew Ponec, CEO at Antora Energy.
Founded in 2018, Antora has developed a thermal energy storage system that absorbs renewable electricity and stores it as high-temperature heat.
According to the company, the stored thermal energy can be directly used to provide process heat up to 1500°C or converted back to electricity.
Antora has been developing its technology with support from the Department of Energy, the California Energy Commission, the National Science Foundation, the Activate Fellowship, and private investors.
“Clean energy storage for industrial heat and power will be a key enabler of tomorrow’s zero-carbon world. Antora Energy will have a major impact on lowering carbon emissions stemming from the manufacturing industry. We look forward to our partnership with Antora to help bring their critical new product to market,” said Carmichael Roberts, Breakthrough Energy Ventures.
According to Mercom’s Q4 2021 and annual funding and M&amp;A <a href="https://cms.mercomindia.com/product/2021-q4-annual-funding-ma-report-storage-grid-efficiency/" target="_blank" rel="noopener">report</a> for storage, grid, and efficiency, global VC funding for battery storage, smart grid, and energy efficiency companies in 2021 was 290% higher with $10.1 billion compared to $2.6 billion raised in 2020.  In <a href="https://cms.mercomindia.com/thermal-energy-storage-systems-company-sunamp/" target="_blank" rel="noopener">September</a> 2021, Sunamp, a provider of thermal energy storage systems, has $8.21 million in Series B funding from the Scottish National Investment Bank.

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