Terrajoule has received over $15 million in funding commitments. New Enterprise Associates (NEA: www.nea.com) provided seed funding in 2009 so that Terrajoule could validate the technology.
In June 2013, NEA participated in a Series A financing led by ALIAD, the capital development company of Air Liquide, along with key individual investors.
“Terrajoule’s energy storage solution removes a fundamental obstacle to the next few decades of sustainable energy growth worldwide,” said Arno Penzias, NEA Venture Partner, Nobel Prize winner (Physics 1978) and Terrajoule advisor. “Since NEA’s initial investment in 2009, the company has made outstanding technological progress, and we’re excited to partner with Terrajoule in its next stage of growth.”
NEA General Partner Forest Baskett added, “In addition to the core technology, we really like Terrajoule’s approach to the market. By working through channel partners in industrial, agricultural and other sectors, the company can scale to play a major role in worldwide energy markets without the massive capital requirements that have posed significant challenges to other new energy technologies.”
Air Liquide is the world leader in gases for industry, health, and the environment.
ALIAD, part of Air Liquide’s Advanced Business and Technologies network, is the Air Liquide subsidiary dedicated to investing in young innovative companies offering differentiating technologies. The Terrajoule technology that converts waste heat to valuable electricity provides Air Liquide with the means of increasing energy efficiency and reducing the carbon footprint of hydrogen units while improving competitive financial factors.