Antora Energy raises $550 million in Series C funding

Antora Energy has raised $550 million in an oversubscribed Series C funding round, giving the San Jose, California-based company new capital to speed up large-scale energy projects, expand production, open a second U.S. manufacturing hub, and strengthen its domestic supply chain.

The round was 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.

Antora develops thermal batteries that store low-cost electricity as heat in insulated blocks of solid carbon. According to the company, the systems can deliver continuous heat or electricity to factories, chemical plants, food producers, steelmakers, data centers and power grids. Antora said its modular systems do not rely on supply-constrained critical minerals and can be deployed faster than energy infrastructure that requires longer construction timelines.

The company recently deployed a five-gigawatt-hour battery storage system in South Dakota. Antora said the project moved from the start of construction to delivering energy in less than 12 months. It is also expanding a pipeline of signed agreements with hyperscale data center operators and major industrial customers.

Antora recently expanded its San Jose facility into a three-building manufacturing campus. The new funding is intended to support additional projects across more sectors and geographic markets.

"From factories to data centers, energy is the bottleneck to industrial growth. Antora has shown we can help break that bottleneck, delivering energy fast, at massive scale, with American innovation. With this funding round, we’re continuing to strengthen our investment in U.S. manufacturing, delivering affordable energy across the country and around the world."

Andrew Ponec, Co-Founder and CEO of Antora Energy

"Antora has moved beyond proving the technology to demonstrating it can manufacture and deploy at remarkable speed and scale. The Eclipse team has spent decades helping companies rapidly accelerate manufacturing and deployment, and Antora has the team, technology and execution capabilities to become a foundational part of America’s energy infrastructure."

Joe Fath, Partner and Head of Growth at Eclipse

"Our energy system is at an inflection point, and very few companies can meet soaring power demand. Antora is meeting that demand today. They’re deploying at scale, on budget and on the rapid timelines customers need. That’s how generational energy companies are built, and it’s why we’re proud to co-lead this round."

Jake Tauscher, Partner at G2 Venture Partners

"This financing unlocks a new phase of growth for 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."

Nehali Jain, Vice President of Strategy and Growth at Antora Energy

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