Participated · Equity · Aug 2023

Rondo Energy manufactures Rondo Heat Batteries (RHBs) that store intermittent wind and solar electricity as continuous, high-temperature heat and power for industrial processes. Its systems are designed for seamless integration with existing equipment to deliver high-pressure steam and power as a service, enabling “drop-in decarbonization” for industries that currently rely on fossil fuels. Rondo operates the world’s highest-temperature, highest-efficiency commercial energy storage system at Calgren Renewable Fuels in Pixley, California, and is expanding production capacity of its storage media with partner Siam Cement Group from 2 GWh/yr to 90 GWh/yr. The company is pursuing storage-as-a-service contracts and a large pipeline of global projects to replace industrial gas use with renewables. Recent project funding will support European deployments to deliver long-term low-cost clean energy under contracts with manufacturers and industrial parks. Rondo is headquartered in Alameda, California. Rondo Energy develops a heat battery that captures low‑cost renewable electricity and delivers high‑temperature, high‑efficiency energy storage to enable customers to power industrial operations with zero‑carbon energy. The company is led by CEO John O’Donnell and is headquartered in Alameda, California. In 2023 Rondo began operations of its first commercial unit, which lowered the carbon intensity of biofuel produced by Calgren Renewable Fuels. In partnership with Siam Cement Group (SCG) the company reported current Heat Battery production capacity of 2.4 GWh/year and plans to scale to 90 GWh/year. Financially, Rondo recently raised $60M and intends to use the funds to grow international operations and to develop and build storage projects around the world. Rondo Energy’s core product is the Rondo Heat Battery (RHB), which stores low-cost renewable electricity as high-temperature heat in brick and delivers dispatchable heat on demand at temperatures up to 1500°C. The technology is designed to decarbonize energy-intensive industrial processes and to eliminate Scope 1 and Scope 2 emissions while reducing operating costs for large energy users. Rondo says its approach leverages proven steel-industry experience with large-scale brick heat storage and the falling costs of wind and solar to offer low-cost zero-carbon heat. The company plans to scale manufacturing capacity, originate customer projects, and develop services for heavy industry and energy producers, including Heat as a Service offerings. Rondo and its investors intend to deploy the technology at scale across sectors such as cement, chemicals, paper, and packaging. Recent funding—from Siam Cement Group alongside existing backers—will support earlier deployments and enable rapid production and wider commercial rollouts across Southeast Asia and worldwide. Rondo Energy develops a high-temperature thermal storage system—the Rondo Heat Battery—that stores renewable electricity as heat in engineered solid materials. Its system uses resistive heating to heat engineered "brick" materials and AI-powered controls to supervise charging and discharge, delivering superheated air that can be converted to steam or supplied directly to high-temperature industrial processes. Rondo says its storage operates at up to 1,200°C and claims roughly 98% round-trip efficiency, positioning the technology as cheaper and simpler than electrochemical batteries or hydrogen systems. Target customers include food processing, oil production, cement manufacturing, hydrogen generation and raw-material refining—sectors that consume large amounts of industrial heat. The company raised $22 million in a Series A to begin manufacturing and delivering customer systems later this year. Rondo frames its technology as a way to use excess midday renewable power to decarbonize industrial heat and highlights California as its home state and an important market for industrial gas consumption.

Participated · Seed · Mar 2019

Boston Materials is a materials-science company focused on solving thermal bottlenecks in advanced semiconductor packaging with its patented Z-axis Carbon Fiber™ architecture and proprietary liquid-metal alloys. Its flagship product line, Liquid Metal ZRT®, has already reached the market with the first-generation LMZ1100, which the company claims provides more than a 10 °C cooling improvement for kilowatt-scale, liquid-cooled accelerators while maintaining compatibility with high-volume manufacturing. The firm is now developing a second-generation Liquid Metal ZRT aimed at high-power ASICs and GPUs used in AI and HPC data centers. Through a new strategic partnership with Mitsubishi Chemical Group, Boston Materials will leverage MCG’s global electronic-materials supply chain and upcoming semiconductor-packaging labs in Asia to accelerate product qualification and scale deployment, particularly across APAC. Mitsubishi Chemical’s validation testing has reportedly confirmed the performance gains over incumbent and next-gen thermal interface materials, positioning Boston Materials as a key supplier for next-generation AI infrastructure. CEO Anvesh Gurijala highlights thermal management as a critical constraint on AI growth and sees this collaboration as a catalyst for revenue scale-up and expanded U.S. manufacturing.

Participated · Series B · Jul 2014

MTPV Power Corporation develops semiconductor chips that convert heat directly into electricity. Its technology is described as analogous to a solar panel, but for any source of heat. The company is led by President and CEO David Mather and is based in Medford, MA and Austin, TX. It raised $16M in a Series C financing to support expansion. The company said it will use the funds to expand operations and broaden its business reach. The round included lead and follow-on investors supporting continued commercialization efforts. MTPV Power Corporation develops semiconductor chips that convert any source of heat into electricity. The technology was developed over roughly 15 years beginning at MIT and Draper Laboratory and has been advanced in MTPV's labs for the last five years. The company’s patent portfolio includes five awarded patents, nine pending awards and over 48 foreign patent filings. MTPV is led by Bob DiMatteo and David Mather and is based in Austin, TX and Boston, MA. It raised $11.2M in a Series B1 financing and intends to use the proceeds to begin commercializing its technology. Investors in the round include Northwater Capital Management's Intellectual Property Fund and other energy and finance investors. MTPV Power develops modular semiconductor chips that convert heat directly into electricity, based on research at MIT. The company’s chips are designed to generate electricity using 45% less heat than traditional systems. Leadership includes CEO and founder Bob DiMatteo and President/COO David Mather. MTPV is Austin, TX–based. The company completed the final closing of its Series B with an additional $3.25M. That funding closed out a round that began with a $6.75M closing in August of the prior year. MTPV develops semiconductor chips designed to convert heat directly into electricity, based on research at MIT. The company is led by CEO and founder Bob DiMatteo and is headquartered in Austin, TX. It is commercializing its first prototypes and is conducting beta testing of those initial commercial units. MTPV plans to use the new funding to expand beta testing and to scale its manufacturing capabilities. Financially, the company has completed an initial closing of its Series B and is pursuing additional equity to finish the round.