Cache Energy announces close of fresh funding bringing the total Seed raise to $8.5 M
Cache Energy (Cache), the long duration storage/industrial heat technology developer has announced a new investment in its Seed Round bringing the total Seed raised to $8.5 M. Low cost, long duration energy storage (LDES) is a critical missing piece in energy transition and Cache’s technology solves this problem by using a low-cost material that stores energy at room temperature for an indefinite period of time. “The energy capacity cost is an order of magnitude cheaper than what we have seen anywhere in the market. The next alternative is at least 8-10 X more expensive”, said Arpit Dwivedi, the company’s founder. This enables the technology to scale to ultra-long durations, and unlocking even inter-seasonal storage in which excess cheap solar energy during summer months could be stored and used during the winter with near zero losses.
The new funding was led by Voyager Ventures. “Cache Energy has developed a breakthrough thermal storage system using elegant chemistry that provides exceptionally low-cost and long-duration energy storage across a wide temperature range enabling the decarbonization of the over $250 billion annual industrial heat market for materials, chemicals, and food manufacturing that has lacked inexpensive solutions to date,” said Leonardo Banchik of Voyager. “With strong customer traction already from major utilities and industrial players, we are thrilled to support Arpit Dwivedi and his talented team as they scale this transformative technology to dramatically reduce emissions while saving customers money in these critical sectors.”
Beyond the technology development, Cache is hyper focused on scaling and ensuring operational robustness. Still at the seed stage, its material manufacturing facility in Illinois can produce 1 MWh every two hours. Cache has been stress testing critical components of its technology for the last twelve months.
Over the past year, Cache has collaborated with Halliburton through Halliburton Labs, to accelerate scaling and operations of its LDES technology. The collaboration allows Cache to benefit from Halliburton’s existing supply chain and manufacturing expertise. “Technology is only part of the equation. Having a robust supply chain, scaling manufacturing cost-effectively and reliably operating the equipment for customers are just as critical, if not more” said Arpit Dwivedi, Founder of Cache.
“We’re excited to support the scaling of Cache’s innovative long duration storage solution,” said Dale Winger, Managing Director, Halliburton Labs, “our experienced team and network is helping Cache accelerate commercialization.”
Cache’s progress has not gone unnoticed. Further amplifying the company’s traction, Founder, Arpit Dwivedi recently represented the company at a pitch competition hosted at the White House and organized by the Department of Energy, where Cache was chosen as the first prize winner. Indicative of the alignment between Cache’s vision and the needs in the energy space, this is the second DOE award that Cache has won, having previously won a broader DOE Energy Innovation prize from the Office of Electricity in 2022.