California-based Rondo Energy offers solutions aimed at addressing the decarbonization issues in industrial heating, replacing fossil fuels with Rondo's Heat Battery, which uses stored power from renewable sources, such as solar and wind power.

According to ESG Today, the three projects which will implement Rondo Energy's technology will capture low-cost intermittent green energy from local and remote wind and solar farms, which will be used to generate low-carbon steam for the specific applications.

Breakthrough Energy Catalyst and the European Commission are among the investors that participated in the 75 million euros funding round.

Eric Trusiewicz, CEO of Rondo Energy, said that" this project funding is a strong addition to our long-term relationship with Breakthrough, and puts Rondo firmly on the path to help eliminate the green premium for industrial heat electrification and to become a fully bankable technology which can be deployed at scale. The grant from Breakthrough Energy Catalyst and the loan from the European Investment Bank together underpin Rondo’s development throughout Europe, where we see very strong tailwinds to the adoption of our technology."

Covestro is a manufacturer of plastic materials and one of the companies that will make use of Rondo's heat battery to provide the sustainable steam it needs for production.

Fashion and design brands company H&M Group recently announced a new partnership with Energy to apply the company's technologies in H&M's supply chain, helping the Swedish retailer decarbonize.