Revterra's kinetic battery is a drop-in solution to enable rapid DC-Fast EV charging anywhere while providing critically important grid stability in regions with high renewable power penetration
HOUSTON, July 19, 2022 /PRNewswire/ -- Revterra Corporation, a Houston-based technology company developing a grid-stabilizing kinetic battery, today announced a $6M Series A financing led by Equinor Ventures and joined by SCF Ventures. The capital raised will fund product development, hiring, and the commercialization of Revterra's S100 kinetic battery to accelerate the rapid electrification of transportation and enable increased renewable energy deployment without destabilizing the electric grid.
As renewable power generation proliferates and energy demand is electrified, energy storage technologies are needed to match supply with demand to ensure smooth grid operations. Most existing energy storage technologies provide only a partial solution, relying on rare or toxic chemicals with limited ability to be recycled or repurposed. Revterra's system allows for the efficient storage and flexible delivery of electricity within an environmentally friendly package. Revterra's grid-stabilizing kinetic battery leverages its innovative passively stable magnetic bearing technology, realizing the benefits of existing flywheel energy storage technologies while significantly amplifying performance.
"There is an urgent need to reduce carbon emissions globally. Our goal at Revterra is to deploy scalable energy storage solutions that facilitate the shift to renewables and EVs while hardening our electric grid. Our systems enable these ambitions while utilizing materials that are recyclable and based on a secure supply chain," said Ben Jawdat, CEO of Revterra.
Revterra's beachhead market will be rapid DC-Fast EV charging. Using Revterra's S100 system, charge point operators can unlock new DC-Fast locations that would have otherwise been uneconomical. Site owners can forego the need for extensive infrastructure upgrades and long installation wait times, all while providing drivers the ultra-fast charging that they demand. Revterra offers customers an 8x longer equipment lifetime, 4x higher power output, and a lower environmental impact than traditional chemical battery solutions.
"Energy storage plays an important role in enabling the decarbonization of transportation and the buildout of renewables while ensuring power market stability. We look forward to collaborating together with Revterra," said Gareth Burns, head of Equinor Ventures
"Revterra's differentiated energy storage systems will be key to enabling fast charging capabilities for EVs and improving the resiliency of the power grid," says Hossam Elbadawy, Managing Director of SCF Ventures. "A successful energy transition needs effective energy storage and innovative technologies like Revterra's flywheel will provide an important part of the answer. SCF looks forward to working with the Revterra team to scale this solution."
Previously, Revterra raised nearly $500,000 through a combination of angel investments and a Phase I National Science Foundation STTR grant. The company has worked with ecosystem partners including NextEra / Florida Power & Light's 35 Mules innovation hub, the Black & Veatch IgniteX program, Greentown Labs, and more. Revterra's current team brings together world-class academic and business talent from the University of Houston, Rice University, and Piper Sandler. The company aims to rapidly expand its team over the next 12 months, hiring top-tier electrical, mechanical, and manufacturing engineering talent. Team expansion and the cconstruction of its first assembly facility in Houston, TX will allow Revterra to deliver its first full-size, commercial-ready energy storage units in 2023. The company aims to deploy larger, grid-scale solutions over time to support a secure, reliable, and clean electric grid in the 21st century.
Revterra is creating the next generation kinetic battery system, which is modular, cost-effective, environmentally friendly, and highly efficient. Our initial beachhead market application is rapid EV charging, and we intend to move into adjacent energy storage verticals over time. Our system is well suited to enabling DC-Fast charging services in areas with weak or low-power grid infrastructure. Our first product will be a modular 400kW/100kWh base unit, with the option for expanding installations by adding additional modules. We will help enable a future where EV drivers can recharge their cars in 15 minutes or less anywhere, without the need for an overhaul of the existing electric grid.
Equinor Ventures is Equinor's corporate venture capital arm dedicated to investing in ambitious early phase and growth companies. We believe that the innovation, creativity and agility of start-ups can drive change, and transition the energy industry towards a low carbon future.
SCF Ventures, the venture arm of SCF Partners, is focused on providing differentiated capital to emerging high-growth companies that provide new products and technologies to the energy services sector. Founded in 1989, SCF Partners provides equity capital and strategic growth assistance to build leading energy service, equipment, and technology companies that operate throughout the world. To learn more, visit www.scfpartners.com.
SOURCE Revterra Corporation