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Moving industry forward with next-gen advancements in energy storage and transmission

Alternative Energy

Commonwealth Fusion Systems (CFS) is an MIT spinoff that focuses on commercializing fusion energy using revolutionary high-temperature superconducting (HTS) magnets to build smaller and lower-cost tokamak fusion systems. The company aims to manufacture these magnets and is building ‘SPARC’, its net energy fusion machine with MIT’s Plasma Science and Fusion Center. Following this, CFS plans to build a fusion power plant named ARC.In February 2023, CFS opened its new 50-acre campus in Massachusetts, US. This will contain the company’s corporate headquarters, advanced manufacturing facility, and the SPARC facility.In&nbsp;<a href="https://sp-edge.com/updates/36243">November 2024</a>, CFS completed testing of its new electromagnet, the Central Solenoid Model Coil (CSMC), with plans to demonstrate net fusion power by 2026.Key customers and partnershipsIn July 2022, CFS signed a five-year Collaboration Framework Agreement with the United Kingdom Atomic Energy Authority (UKAEA) to carry out a series of work projects to support the development of fusion energy. In March 2023, CFS signed a framework agreement with Eni to carry out a series of work projects to advance fusion energy.Funding and financialsIn August 2023, CFS was awarded three undisclosed grants by the US Department of Energy’s Innovation Network for Fusion Energy (INFUSE) program to fund research and development projects with the University of California at Berkeley, Princeton Plasma Physics Lab, and University of California at Los Angeles. In <a href="https://sp-edge.com/updates/19658">May 2023</a>, CFS was one of eight companies to receive a total of USD 46 million from the US Department of Energy’s Milestone-based Fusion Development Program to advance design, research and development for fusion power plants.In <a href="https://sp-edge.com/updates/7124">November 2021</a>, CFS raised USD 1.8 billion in a Series B funding round led by Tiger Global Management. The company planned to use the proceeds to build and operate SPARC and commence deployment of ARC.&nbsp;

Form Energy develops long-duration utility-scale energy storage applications to bridge renewable energy supply gaps. Form’s batteries last for around 100 hours, compared to conventional lithium-ion batteries used in utility-scale storage projects that last for only five to 10 hours. Form Energy’s co-founder, Mateo Jaramillo, was the former director of Tesla's stationary storage business.In July 2021, Form Energy unveiled its first long-duration energy storage solution to be commercialized. The product is a rechargeable iron-air battery. Form’s proprietary technology, known as “<a href="https://www.youtube.com/watch?v=Ui6wWzxCrQ8">reversible rusting</a>,” uses oxygen from ambient air to turn iron metal to rust when discharging (Fe + O2 + H2O = Fe(OH2) + energy). While charging, the electrical current converts the rust back to iron. The company claims its battery would cost 1/10th of the cost of conventional lithium-ion batteries.&nbsp;Form Energy invested USD 760 million to build its first iron-air battery manufacturing facility facility in West Virginia. The 1 million sq.ft. facility will have an annual production capacity of 500 MW of batteries when in full operation. Construction of the facility began in May 2023, following which it will begin manufacturing iron-air battery systems for commercialization in 2024.Key customers and partnershipsIn <a href="https://sp-edge.com/updates/15524">December 2022</a>, Form Energy partnered with the state of West Virginia to build its first iron-air battery manufacturing facility. In <a href="https://sp-edge.com/updates/8400">February 2022</a>, Form Energy partnered with Georgia Power, a subsidiary of Southern Company, to commercially deploy a 15-megawatt project of energy storage systems.&nbsp;In <a href="https://sp-edge.com/updates/15973">January 2023</a>, the company partnered with Xcel Energy to deploy its iron-air battery systems at two of Xcel Energy’s retiring coal plant sites. The sites are expected to become operational in 2025. In <a href="https://sp-edge.com/updates/22692">September 2023</a>, Form Energy partnered with Dominion Energy Virginia to carry out a pilot project to test two potential alternatives to lithium-ion batteries: Form Energy’s iron-air batteries and Eos Energy’s zinc-hybrid batteries. In&nbsp;<a href="https://sp-edge.com/updates/34658">October 2024</a>, the company partnered with GE Vernova to expand its manufacturing operations and commercial deployment of its iron-air battery systems.Funding and financialsForm Energy’s latest funding was in <a href="https://sp-edge.com/updates/24967">December 2023</a>, when it was awarded a grant of USD 30 million from the California Energy Commission. The company planned to use the funds in the development and operation of its first project in California, a 5 MW/500 MWh multi-day energy storage system. The system was expected to be functional by 2025. Prior to this, in <a href="https://sp-edge.com/updates/21163">August 2023</a>, Form Energy received a USD 12 million grant from the New York State Energy Research and Development Authority (NYSERDA), to deploy a 10 MW/1,000 MWh iron-air battery system in New York. The system was expected to be functional by 2026.In October 2022, Form Energy raised USD 450 million in a <a href="https://sp-edge.com/updates/13524">Series E funding round</a> led by TPG Rise. The company plans to use the funds raised to accelerate its plans to develop a globally competitive battery manufacturing supply chain in the US. Prior to this in August 2021, Form Energy raised USD 240 million in a <a href="https://sp-edge.com/updates/5130">Series D funding round</a> led by the XCarb innovation fund, an initiative of ArcelorMittal.Competitors: None comparable (Only company developing 100+ hour energy storage)

Based in Canada, e-Zinc is a developer and producer of electrochemical technology that uses zinc metal to store electrical energy. The technology serves as a low-cost alternative to other battery technologies and has the potential to store hundreds of hours of energy. Additionally, e-Zinc’s energy storage system is recyclable/reusable, fire resistant, flexible, scalable, has little to no reliance on cooling or heating systems, and retains 100% of its usable capacity throughout its lifetime.Key customers and partnershipse-Zinc’s partners include Sustainable Development Technology Canada, Energy Storage Canada, SunGrid, Faromor, Natural Resources Canada, Ontario Centre of Innovation, National Research Council Industrial Research Assistance Program, Toyota Tsusho, Schneider Electric, MaRS Cleantech, California Energy Commission, and Creative Destruction Lab.Funding and financialse-Zinc’s latest funding was in October 2022, when the company secured a USD 7 million debt financing facility from Silicon Valley Bank Canada. The funds were raised to further progress its commercialization efforts and execute commercial pilot projects.

Energy Dome is an Italian company that has developed high-density long-duration energy storage using liquid CO2. In charging mode, energy is absorbed from the grid and stored for use as liquid CO2. The company uses a closed thermodynamic transformation that stores the CO2 in the liquid phase at ambient temperature and when energy is required, the CO2 is heated, which causes it to evaporate and expand. This results in the movement of a turbine, generating electricity. The exhaust heat is recovered through a CO2 Brayton cycle.Energy Dome’s CO2 battery comes in a 20 MW frame that can be customized as per customer requirements. Each frame comes with equipment for compression (10 hours of charging time), expansion (10 hours of discharging time), and storage capacity. The company expects to launch its first frames in <a href="https://energydome.com/energy-dome-closes-40-million-euro-series-b-financing-round/">2024</a>. As of July 2023, Energy Dome has a project pipeline of over 9 GWh with clients ranging from utilities and independent power producers to corporations in the US, Europe, South America, India, and Australia.This method of energy storage is more cost-efficient when compared with compressed air energy storage and liquid air energy storage (which requires cryogenic temperatures of -190°C), as the CO2 is stored in a liquid state at ambient temperature.Key customers and partnershipsIn <a href="https://energydome.com/energy-dome-orsted-to-partner-on-energy-storage-facilities/">September 2022</a>, Energy Dome partnered with Ørsted, an offshore wind company, to carry out a feasibility study to deploy a 20 MW energy storage facility at one or more of Ørsted’s sites. The project is set to begin construction in 2H 2024.In <a href="https://energydome.com/energy-domes-co2-battery-to-revolutionize-u-s-energy-landscape-with-first-installation-slated-for-2026/">September 2023</a>, Energy Dome partnered with Alliant Energy carry out the 200 MWh Columbia Energy Storage project using the former’s CO2 battery. Construction of the facility is expected to begin in 2025, and is set to be completed in 2026. In <a href="https://energydome.com/energy-dome-announces-strategic-partnership-with-man-energy-solutions-to-elevate-co2battery-technology/">October 2023</a>, the company signed a collaborative agreement with MAN Energy Solutions to integrate MAN’s technology expertise with Energy Dome’s battery design.Funding and financialsEnergy Dome’s latest funding was in <a href="https://sp-edge.com/updates/25725">December 2023</a>, when the company secured a funding commitment amounting to EUR 60 million (~USD 65.4 million). The project-level grant commitment comprised of EUR 35 million (~USD 38.2 million) from Breakthrough Energy Catalyst and EUR 25 million (~USD 27.3 million) of venture debt funding from the European Investment Bank. Energy Dome intended to use the capital to fund its first CO2-based thermo-mechanical energy storage system in Sardinia, Italy. Prior to this, in <a href="https://energydome.com/energy-dome-expands-oversubscribed-series-b-financing-round-totalling-eur-55-million-usd-60m/">July 2023</a> the company raised EUR 55 million (~USD 60 million) in a Series B funding round co-led by Eni Next and Neva SGR. The company intended to use the funds to expand its commercial operation globally.

Clear the air on carbon capture, reuse, and storage

Carbon Capture, Utilization & Storage (CCUS)

Captura is a startup founded in 2021 at the California Institute of Technology, focused on developing Direct Ocean Capture (DOC) technology. The company's proprietary process involves drawing in seawater, separating a small portion of it through electrodialysis to convert dissolved inorganic carbon into CO2, capturing the CO2, and releasing the remaining seawater back into the ocean. This process leverages the high concentration of CO2 in seawater compared to the atmosphere, allowing for more efficient CO2 removal.Captura's DOC technology does not introduce any chemicals or byproducts into the ocean, maintaining the natural chemistry of the seawater. The captured CO2 can be sequestered underground or utilized as a product. In August 2022, Captura commenced operations of its first pilot system in Newport Beach, capable of capturing one ton of CO2 annually. A larger 100-ton pilot was installed at the Port of Los Angeles in 2023 for further testing and development.Captura aims to commercialize its technology, with plans for a 1,000-ton pilot plant in Norway in partnership with Equinor by the end of 2024. The long-term goal is to deploy large-scale commercial plants capable of capturing tens of thousands of tons of CO2 annually, potentially utilizing decommissioned offshore oil and gas platforms for sequestration. As of January 2024, Captura had raised USD 33.5 million in funding to support its technology development and piloting efforts.Key customers and partnershipsIn November 2023, Captura announced a partnership with Equinor, a Norwegian energy company, to develop a 1,000-ton-per-year DOC pilot plant at Equinor's Kårstø natural gas processing facility. The captured CO2 from this pilot is planned to be utilized by the Northern Lights CO2 transport and storage infrastructure.Captura is also collaborating with Deep Sky, a Canadian carbon removal project developer, to build a 100-ton DOC system in Quebec.Additionally, Captura has secured contracts with Frontier, an initiative launched by companies like Stripe, Alphabet, Meta, Shopify, and McKinsey, to sell carbon removal credits generated through its DOC technology.

Mantel Capture is developing a carbon capture system that uses molten borates to capture CO2 emissions from industrial sources. A spin-out of MIT's Department of Chemical Engineering, the company is the first developer of molten-salt carbon capture that uses high-temperature, liquid-phase carbon capture materials to capture CO2 at the source of emissions.Mantel's technology operates at the high temperatures found in boilers, kilns, and furnaces, enabling highly efficient carbon capture that recovers high-value heat during the absorption process. By offsetting the energy required to regenerate the molten borate material, the company can capture CO2 from industrial emissions more efficiently, reducing capture costs by more than half compared with conventional amine-based carbon capture technologies.As of September 2024, Mantel's technology had demonstrated lab-scale carbon capture of half a ton per day. The company planned to implement a demonstration project at an industrial site designed to capture 1,800 tons of CO2 emissions per year, which would be ~10x larger than its lab-scale operations. Once fully operational, the company expected to capture carbon at ~USD 30–50 per ton.Key competitors: None comparable (Mantel Capture is the only startup that uses bolten borates to capture CO2 emissions)

Quantum information processing is slowly becoming a reality, ushering in a new technological era.

Quantum Computing

Pasqal is a quantum hardware company developing analog and digital quantum processors and simulators made of 2D and 3D atomic arrays. It relies on an approach called “neutral atoms” and creates qubits using lasers as a pair of optical tweezers to manipulate single neutral rubidium atoms. Pasqal’s system requires only individual atoms to be cooled to just above absolute zero, making it more simpler and scalable than superconducting quantum computers that require extensive equipment to cool down qubits.&nbsp;The company has already commercialized its 100-qubit processors and has developed one with 200 qubits. In March 2024, it unveiled its <a href="https://www.hpcwire.com/2024/03/13/pasqal-issues-roadmap-to-10000-qubits-in-2026-and-fault-tolerance-in-2028/">technology roadmap</a>, which highlighted its plan to reach 1,000 qubits by 2025 and 10,000 qubits by 2027.It also launched its <a href="https://sp-edge.com/updates/10238">cloud services platform</a> (private beta) in May 2022 and has already partnered with <a href="https://sp-edge.com/updates/9267">Microsoft (Azure)</a> to offer its neutral atom quantum computers to researchers and enterprises. In <a href="https://www.newswire.ca/news-releases/pasqal-will-open-a-quantum-computer-factory-in-canada-854118672.html">June 2023</a>, the company announced the establishment of a quantum computer factory in the DistriQ - Quantum Innovation Zone in Sherbrooke. In October 2023, the company launched <a href="https://sp-edge.com/updates/22645">Qadence</a>, an open-source Python library that aims to simplify the process of building and executing digital-analog quantum programs on interacting qubit systems.The company <a href="https://sp-edge.com/updates/7743">merged</a> with Dutch quantum software startup Qu &amp; Co in January 2022 to build a 1,000-qubit quantum processor. Further details on the deal were not disclosed.&nbsp;Key customers and partnershipsThe company’s partnerships include: <a href="https://sp-edge.com/updates/30225">IBM</a> (June 2024) to develop quantum-centric supercomputing while promoting application research in chemistry and materials science; <a href="https://sp-edge.com/updates/29608">Aramco</a> (May 2024) to deploy a 200-qubit quantum computer by the second half of 2025 in Saudi Arabia; <a href="https://sp-edge.com/updates/28750">Welinq</a> (April 2024) to develop tailored quantum interconnects for neutral-atom quantum computing; <a href="https://sp-edge.com/updates?companyIds=732636">Mila</a> (January 2024) a one-year research agreement to enhance GenAI modeling using quantum benchmarking and tensor networks; <a href="https://sp-edge.com/updates/24396">Investissement Québec</a> (November 2023) a five-year USD 90 million initiative with the company to focus on neutral-atom quantum computer technology within Québec's quantum innovations zone, DistriQ; <a href="https://sp-edge.com/updates/11766">BASF</a> (July 2022) to explore quantum computin g in weather modeling and other computational fluid dynamics applications.&nbsp;As part of a European quantum initiative High Performance Computer-Quantum Simulator (<a href="https://sp-edge.com/updates/10776">HPCQS</a>), Pasqal was selected to provide two of its 100-qubit quantum computers to conduct research on hybrid quantum supercomputer systems in May 2022. In the same month, Pasqal secured a partnership with <a href="https://sp-edge.com/updates/10419">BMW</a> to streamline the automaker’s manufacturing processes using quantum technologies.

Hydrogen Economy

<div>
 
 C-Zero has developed a proprietary technology called methane pyrolysis that converts natural gas into hydrogen and solid carbon (also known as turquoise hydrogen). The hydrogen generated is used for low-cost energy generation while carbon is permanently sequestered. As per the company, its technology avoids gray hydrogen&rsquo;s emissions and blue hydrogen&rsquo;s technical and cost challenges in capturing emissions as a gas. C-Zero believes that it can offer hydrogen at around USD 1.5 per kilogram (kg) compared to USD 4 per kg and up for green hydrogen obtained via electrolysis.
 
 
 Key customers and partnerships
 
 
 In February 2023, C-Zero agreed to an MoU with Drax, a renewable power generator in the UK and operator of Europe&rsquo;s largest decarbonization project. The MoU relates to the sale of carbon dioxide removals (CDRs) from Drax&rsquo;s first bioenergy with carbon capture and storage (BECCS) facility in the US, where C-Zero will acquire 2,000 tonnes of CDRs for USD 300 per tonne.
 
 
 Funding and financials
 
 
 The company&rsquo;s 
 <a href="https://sp-edge.com/updates/11148">
 most recent funding
 </a>
 round was in June 2022, when it raised USD 34 million in a funding round led by SK Gas. The funds were assigned to build C-Zero&rsquo;s first pilot plant, which will be capable of producing up to 400kg of hydrogen per day from natural gas with zero CO2 emissions, and is expected to be commissioned by Q1 2024. In February 2021, C-Zero raised USD 11.5 million in a Series A funding round led by Breakthrough Energy Ventures and Eni Next, to commercialize its technology.
 
 
 
</div>

Established renewable energy technologies for a greener future

Current-gen renewables

Swift Solar is an American solar technology company pioneering the development of advanced perovskite photovoltaics. Founded in 2017 as a spinout from MIT, Stanford University, and the National Renewable Energy Laboratory (NREL), the company focuses on building high-efficiency tandem solar cells by combining metal halide perovskites with silicon or other perovskite materials. Swift Solar's tandem technology promises to significantly outperform current silicon and thin-film technologies at a lower cost.
The company's innovative perovskite solar cell production process involves less material and energy consumption, driving down manufacturing costs and carbon pollution. Swift Solar's proprietary vapor deposition technique enables continuous deposition of a fully absorbing perovskite material within just five minutes, a substantial improvement over traditional batch processing methods. Solar cells manufactured using this approach have demonstrated higher efficiencies compared to previously realized vapor-processed inorganic perovskite solar cells.
Perovskites offer several advantages over conventional photovoltaic technologies, including superior light absorption, lightweight and flexible design, and the potential for lower production costs. Swift Solar's perovskite tandem technology could decrease the cost of solar energy by up to 30%, making it more accessible for households, businesses, and various applications. For instance, the company's perovskite solar roofs could extend the range of electric vehicles by 15 miles or more per day, while satellites could benefit from a tenfold cost reduction and improved radiation tolerance for solar arrays. Swift Solar is actively testing its perovskite technology in space applications.
The company has received significant support from government agencies, securing over USD 16 million in federal and state grants from the US Department of Energy, Department of Defense, National Science Foundation, and the California Energy Commission. Additionally, Swift Solar was recently awarded USD 7 million from the Department of Energy's Advancing US Thin-Film Solar Photovoltaics funding program to accelerate the development of its perovskite-silicon tandem technology.

Cool Planet Technologies develops a cutting-edge membrane-based technology to absorb carbon dioxide on a large scale from industrial flue gas emissions. Helmholtz-Zentrum Hereon, a division of Germany's largest research organization, created the advanced PolyActive membrane used in Cool Planet Technologies' method.

Dronus provides inspection, safety, and smart city capabilities from an innovative, minimally invasive base that guarantees the drone's flight stability and safety during take-off and landing, even in difficult climatic conditions.

Mantel proposes a method to trap CO2 before it enters the atmosphere.

e-Zinc is a corporation that has developed a breakthrough electrochemical technology for storing energy in zinc metal. This low-cost, flexible, and long-duration energy storage solution will provide the platform for the world’s energy markets to be fully powered by renewable energy, enabling a zero-carbon energy future.

M2X Energy is a scalable methane conversion technology company that provides automated gas-to-product systems for methane conversion.

Swift Solar is a company focused on developing advanced solar technology. The company's core innovation is perovskite solar cells, designed to be more efficient and affordable than traditional solar panels. Swift Solar emphasizes domestic manufacturing and abundant raw materials to ensure scalability.

Captura is a Direct Ocean Capture company that develops a carbon capture system to catch scalable carbon from the atmosphere. It develops cost-competitive carbon dioxide capture and sequestration technology to extract it from ocean water to meet the rapidly growing demand in the credit market. Its system combines innovative technology with the natural carbon removal powers of the ocean to remove CO2 from the atmosphere at a large scale and low cost, providing a critical capability in the fight against climate change.

OXCCU develops renewable energy technology with the goal of achieving a circular economy for fuels, chemicals, and plastics. The technology offered by the company combines carbon dioxide from the atmosphere with hydrogen from water and renewable electricity to produce fuels, chemicals, and biodegradable plastics.

Energy Dome develops a low-cost and efficient system for long-duration electricity storage using liquid CO2. Its focus is on long-duration energy storage for a more dispatchable and affordable renewable energy production with the aim of enabling decarbonization of the energy industry and a more sustainable future for all. It has the ambition of contributing to the solution of the climate change issue with new technologies capable of drastically reducing greenhouse gas emissions into the atmosphere. The company is headquartered in Lonate Pozzolo, Lombardy, Italy.

PASQAL is developing a full-stack quantum computer that will be used to simulate complex phenomena for scientific discovery and to address general problems such as optimization, drug discovery, and machine learning. The company's quantum processing units are made up of hundreds of atomic qubits in 2D and 3D arrays, and their programming environment, to address our customers' needs in quantum computing and simulation.

C-Zero is a hard-tech startup located in Santa Barbara, CA, that is developing a technology for decarbonizing natural gas. The company’s technology uses high temperatures to break down methane, (the primary molecule in natural gas) into hydrogen and solid carbon. C-Zero’s hydrogen can be used to decarbonize a wide range of industries including ammonia production, electric generation, process heat, and fuel cell vehicles, and has the potential to address 75% of global CO2 emissions.

Form Energy develops and commercializes a low-cost battery system that can store wind and solar energy for a long duration. It aims to make batteries that can dispatch energy for days, expanding the ability to supply wind and solar power to the grid. The company's technology transforms the electric grid by making renewable energy dispatchable year-round, as well as extending transmission capacity without building new wires, and replacing the need for conventional thermal generation. Its core technology was invented at MIT and is supported by investors which include Breakthrough Energy Ventures, MIT’s The Engine, Macquarie Capital, Eni Next, Capricorn Investment Group, and Prelude Ventures. Their team members are active learners who like working on tough technology problems that can only be solved with a combination of scientific innovation and hard work.

Thiozen develops novel hydrogen gas production technology designed to reduce greenhouse gases. It uses a new chemical process that converts hydrogen sulfide to hydrogen gas, thereby enabling clients to avoid both the carbon emissions inherent to hydrogen production from natural gas and the high costs associated with hydrogen production from electrolysis. The company was founded in 2020 and is based in Belmont, Massachusetts.

Commonwealth Fusion is a research company that develops energy through an inexhaustible power plant. It uses rare-earth barium copper oxide superconductor technology to develop energy.  They combine proven physics backed by decades of government-funded fusion research with a revolutionary superconducting magnet technology to accelerate the path to commercial fusion energy Commonwealth Fusion Systems (CFS) is on track to bring fusion energy technology to the market. CFS was spun out of MIT and is collaborating with MIT’s Plasma Science and Fusion Center to leverage decades of research combined with the innovation and speed of the private sector. The business designs and builds fusion machines that deliver limitless and clean fusion energy and integrate proven physics with magnet technology, allowing clients to contribute to the expansion of renewable energy while mitigating the effects of climate change.

Eni Next LLC has been recently established as the venture investing arm of Eni Group. It aims to be a key role in Eni's open innovation strategy towards energy transition through investing in startups with disruptive technologies. Its focus investment areas include Clean-Tech, Industrials, Digital technologies, Magnetic Fusion, and others.

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