What's Happening?
Good Heat, a climate tech startup based in Sydney, has secured over $2 million in funding to develop Australia's largest heat battery. The project aims to replace gas with renewable electricity for industrial
heat applications, significantly reducing energy costs and carbon emissions. The heat battery will charge when electricity is cheapest and dispatch steam on demand, providing a cost-effective solution for industrial heat needs. The funding round was led by Understorey Ventures, with participation from Investible and 2100VC. The startup plans to deploy its technology at a factory in Victoria, saving the customer over $1.5 million annually.
Why It's Important?
The development of large-scale heat batteries represents a transformative approach to industrial energy use, offering a sustainable alternative to traditional gas-fired systems. By leveraging renewable electricity, Good Heat's technology can help industries reduce their carbon footprint and operational costs. This innovation aligns with global efforts to decarbonize industrial processes and transition to cleaner energy sources. The successful deployment of heat batteries could pave the way for widespread adoption across various sectors, contributing to climate goals and enhancing energy security.
What's Next?
Good Heat plans to expand its operations and explore opportunities for deploying its technology in international markets. The startup will focus on securing Heat Purchase Agreements to lock in savings for customers over the long term. As the project progresses, stakeholders will monitor its impact on energy costs and emissions reductions. The success of this initiative could attract further investment and partnerships, accelerating the deployment of thermal energy storage solutions globally.
