- Companies
- Antora Energy
Antora Energy Valuation, Funding & Investors
Antora Energy is valued at $574M as of February 2024.
Last Antora Energy valuation
$574M
Series B · Feb 2024
Last Antora Energy funding round
$550M
Series C · Jul 2026
Cumulative funding Antora Energy raised
$750M
across 3 funding rounds
Key investors in Antora Energy
Breakthrough Energy Ventures
Lowercarbon Capital
Trust Ventures
Impact Science Ventures
Decarbonization Partners
Salesforce Ventures
About Antora Energy
Antora Energy is a Sunnyvale-based provider of zero-carbon heat and electricity for heavy industries such as cement, steel, and chemicals. Its thermal batteries capture excess renewable energy from solar and wind sources to heat carbon blocks to glowing temperatures, delivering on-demand industrial process heat surpassing fossil fuel reliability. Founded in 2018, the company partners with utilities and manufacturers across North America to deploy modular systems that integrate with existing infrastructure for decarbonization.
Founded
2017
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Usage-based
Valuation
$574M (Feb 2024)
Antora Energy Valuation
Antora Energy is currently valued at $574M, based on its Series B in February 2024.
The $150M round was led by Decarbonization Partners.
Antora Energy valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Feb 2024 | Series B | $574M |
Antora Energy Funding History
Antora Energy has raised a total of $750M across 3 funding rounds.
Antora Energy's first fundraising round was a $50M Series A in February 2022. The most recent completed round was a $550M Series C in July 2026.
Antora Energy funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2026 | Series C | Eclipse Ventures (lead); G2 Venture Partners (lead); Salesforce Ventures; Trust Ventures; StepStone Group; Breakthrough Energy Ventures; Ribbit Capital; Lowercarbon Capital; Activate Capital Partners; Liberty Mutual Strategic Ventures; Impact Science Ventures; Decarbonization Partners | $550M | - | Antora Energy raised USD 550 million in a Series C financing round that closed on July 30, 2026, co-led by G2 Venture Partners and Eclipse, with Lowercarbon Capital among the participating investors. The round was structured as equity financing and was described as oversubscribed, with proceeds intended to accelerate deployment of large-scale projects, expand production, and establish a second U.S. manufacturing hub. The strategic rationale for the funding was to scale Antora’s thermal battery platform for industrial energy, data centers, and the grid, at a time of surging electricity demand and a push to reindustrialize U.S. manufacturing. The company said the capital would further strengthen its domestic supply chain and support faster expansion across the country. Antora Energy is a U.S.-based energy storage company focused on zero-emissions industrial heat and power using factory-made thermal batteries. The company is based in San Jose, California, and had previously raised a USD 150 million Series B led by Decarbonization Partners, with Lowercarbon Capital listed among the earlier participating investors. |
| Feb 2024 | Series B | Decarbonization Partners (lead) | $150M | $574M | Antora Energy, founded in 2017 and based in Sunnyvale, California, develops thermal batteries that store renewable electricity as high-temperature heat in solid carbon blocks, delivering zero-emissions industrial heat and power via thermophotovoltaic technology. The company targets decarbonizing industrial processes, which account for 15% of global emissions, by providing reliable energy at scale. On February 22, 2024, Antora announced a $150 million Series B funding round led by Decarbonization Partners (BlackRock and Temasek), with participation from Emerson Collective, GS Futures, The Nature Conservancy, NextEra Energy Resources, Trust Ventures, Lowercarbon Capital, Breakthrough Energy Ventures, BHP Ventures, Overture VC, and Grok Ventures. The post-money valuation for the Series B was $574.12 million, as reported by Forge Global. The funding will accelerate manufacturing of Antora's factory-made thermal batteries, including opening a U.S. factory in San Jose, CA, and launching the world's first dedicated production line for TPV cells. This builds on prior milestones since their Series A in 2022, bringing total equity funding over $230 million by mid-2024, plus $79 million in debt and grants like a $14.5 million ARPA-E award. Antora has grown to over 200 employees and secured early support from the U.S. Department of Energy's ARPA-E, Industrial Efficiency and Decarbonization Office, National Science Foundation, and California Energy Commission. The round is the second-largest Series B in Silicon Valley in 2024, positioning Antora as a leader in long-duration energy storage amid a market that saw 36x funding growth from 2018-2023. |
| Feb 2022 | Series A | Breakthrough Energy Ventures (lead); Lowercarbon Capital (lead); Trust Ventures; Fifty Years; BHP Ventures; Impact Science Ventures; Shell Ventures; Grok Ventures; Overture VC | $50M | - | Antora Energy, founded in 2018, develops thermal energy storage systems that convert inexpensive renewable electricity from solar and wind into high-temperature heat stored in solid carbon blocks, delivering zero-carbon heat up to 1500°C or electricity on demand for heavy industry, replacing natural gas boilers at lower cost. The technology targets decarbonizing manufacturing processes requiring extreme heat, such as steel and cement production, with a prototype system operational and plans for a 100MWh pilot. On February 16, 2022, Antora Energy raised more than $50 million in a Series A round co-led by Breakthrough Energy Ventures and Lowercarbon Capital, with participation from Shell Ventures, BHP Ventures, Grok Ventures, Trust Ventures, Overture VC, Impact Science Ventures, and existing investor Fifty Years. This followed prior support from US Department of Energy grants, California Energy Commission, National Science Foundation, Activate Fellowship, and earlier private funding. The funds will support building first customer-sited projects, including a pilot with Wellhead Electric, accelerating hiring for a diverse team, and scaling commercialization, with initial units expected online by end of 2023. Investors highlighted Antora's potential to enable zero-carbon industrial heat and power cheaper than fossil fuels, positioning it as a key enabler for net-zero manufacturing. Antora's CEO Andrew Ponec emphasized the falling costs of renewables making this feasible, with carbon's superior properties—low cost, abundance, and high performance—enabling efficient storage. Quotes from Carmichael Roberts of Breakthrough Energy Ventures and Chris Sacca of Lowercarbon Capital underscored the technology's impact on emissions from heavy industry and its price competitiveness against gas. |
Who has invested in Antora Energy?
17 investors have backed Antora Energy across its funding rounds, including Breakthrough Energy Ventures, Lowercarbon Capital, Trust Ventures, Impact Science Ventures, Decarbonization Partners and Salesforce Ventures.
Lead investors include Eclipse Ventures, G2 Venture Partners, Decarbonization Partners, Breakthrough Energy Ventures and Lowercarbon Capital.
Antora Energy Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Feb 2022 | ||
| 2 | Lead | Feb 2022 | ||
| 2 | Lead | Feb 2022 | ||
| 2 | Participant | Feb 2022 | ||
| 2 | Lead | Feb 2024 | ||
| 1 | Participant | Jul 2026 | ||
| 1 | Lead | Jul 2026 | ||
| 1 | Participant | Jul 2026 | ||
| 1 | Participant | Feb 2022 | ||
| 1 | Lead | Jul 2026 | ||
| 1 | Participant | Jul 2026 | ||
| 1 | Participant | Feb 2022 | ||
| 1 | Participant | Jul 2026 | ||
This data is available for Pro users. Sign up to see all 17 Antora Energy investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Antora Energy
Antora Energy has acquired 1 company to date.
Last acquisition by Antora Energy was on December 21st 2022. Antora Energy acquired Medley Thermal for undisclosed valuation.
Latest Acquisitions by Antora Energy
| Description | Medley Thermal is a software developer specializing in energy source switching management for uninterrupted steam supply. Its tools optimize transitions between sources in industrial applications, ensuring reliability and efficiency. The platform operates through medleythermal.com to support thermal energy operations. |
| HQ Country | |
| HQ City | Boston, MA |
| Deal Date | 21 Dec 2022 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Antora Energy acquisitions and their M&A valuation multiples. Start Free Trial | |
Antora Energy Competitors
Antora Energy competitors include listed companies like Hyliion, West Holdings, Raizen and Audax Renovables, and private ones like HIF Global and Fulcrum Bioenergy.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $3M | ($60M) | $729M | 60.8x | ||
| Publicly listed | $304M | $74M | $571M | 2.7x | ||
| Publicly listed | $44B | ($1.4B) | $563M | 0.3x | ||
| Publicly listed | $2.2B | $107M | $590M | 0.4x | ||
| Private | - | - | $600M | - | ||
| Private | - | - | $603M | - |
Antora Energy Public Comps
Antora Energy is still privately-owned, but its public comps include West Holdings, Solid Power, CK Power PCL, JinkoSolar, Raizen, Audax Renovables, W&T Offshore, Factorial Energy, Cox Energy and CW Enerji.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $304M | $74M | 3.1x | 2.7x | 12.6x | 10.3x | |||
| $18M | ($87M) | 19.3x | 38.3x | (4.0x) | (4.3x) | |||
| $303M | $198M | 5.4x | 5.3x | 8.3x | 13.0x | |||
| $9.8B | ($44M) | 0.6x | 0.6x | (139.6x) | 25.8x | |||
| $44B | ($1.4B) | 0.3x | 0.3x | (8.7x) | 9.7x | |||
| $2.2B | $107M | 0.4x | 0.4x | 8.5x | 7.2x | |||
| $501M | $54M | 1.6x | 1.4x | 14.8x | 4.8x | |||
| - | ($63M) | - | - | (8.0x) | - | |||
This data is available for Pro users. Sign up to see all Antora Energy competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Antora Energy
| When was Antora Energy founded? | Antora Energy was founded in 2017. |
| Where is Antora Energy headquartered? | Antora Energy is headquartered in San Francisco, CA, United States. |
| Is Antora Energy publicly listed? | No, Antora Energy is a private, VC-backed company. |
| What is Antora Energy's valuation? | Antora Energy was last valued at $574M in its Series B in February 2024. |
| How much funding has Antora Energy raised? | Antora Energy has raised $750M across 3 funding rounds. |
| What was Antora Energy's last funding round? | Antora Energy's last funding round was a $550M Series C in July 2026, led by Eclipse Ventures and G2 Venture Partners. |
| Who are Antora Energy's investors? | Antora Energy's investors include Trust Ventures, Breakthrough Energy Ventures, Lowercarbon Capital, Impact Science Ventures, Decarbonization Partners, Salesforce Ventures, Eclipse Ventures, StepStone Group, Fifty Years, G2 Venture Partners and 7 others. |
| Which companies are comparable to Antora Energy? | Companies comparable to Antora Energy include Hyliion, West Holdings, Raizen, Audax Renovables, HIF Global and Fulcrum Bioenergy. |
| How many companies has Antora Energy acquired? | Antora Energy has acquired 1 company, including Medley Thermal. |
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