CHAMPAIGN, IL: Cache Energy which has developed a clean “solid fuel” which decarbonizes industrial processes, and enables long-duration energy storage, has announced an over-subscribed seed round fundraise from Grantham Foundation, MUUS Climate Partners and Cantos Ventures with the total funding of $4.5 million.
Cache is simultaneously solving two of the problems widely seen as the most difficult on the pathway to net-zero emissions: industrial heat and long duration storage. Cache’s technology can provide drop-in replacement of fossil fuels in industrial applications with zero-emissions technology and is also one of the first to demonstrate the ability to store renewable energy for up to months at a time.
“The Grantham Foundation is happy to support Cache’s path to commercialization. We believe that Cache’s technology can provide seasonal storage (1000+ hours) of heat or electricity at the lowest cost. Furthermore, Cache’s storage media has excellent energy density and can be safely transported by rail, road, or ship,” said Cyril Yee, the Director at Grantham Foundation.
“The MUUS Climate Partners team recognizes Cache’s potential for extraordinary climate impact. If successfully commercialized, Cache’s technology would change the equation of how quickly and how cheaply the world can reduce greenhouse gases. We’re strong believers in Arpit as a leader and proud to support this mission,” said Logan Grizzel, partner at MUUS Climate Partners.
“Our vision has been to provide the lowest cost alternative to fossil fuels but without repercussions. As a result, we can leverage the infrastructure that has been built and matured for decades while giving jobs back to the communities that are being affected by the energy transition. The funds raised would go towards scaling activities and hiring exceptional talent,” said Arpit Dwivedi, Founder & CEO of Cache Energy.
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. We’ve been blown away by Arpit and his ability to move quickly towards the development and scaling of their technology.”
Cache’s technology adopts certain decades-old 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. The company plans to demonstrate a commercial pilot later this year.