As per ESG Today, 2021-founded Fourth Power provides customers with thermal power storage solutions, which can enable renewable power serve as a cost-effective and reliable source of electricity. Renewable energy is being stored in high-temperature carbon blocks, while it can be slowly released when electricity is necessary.

Energy storage solutions are required to take advantage of what renewable power can offer, as we may not use the generated electricity as it gets produced, but could need it at other times.

Fourth Power founder and Chief Technology Officer, Asegun Henry, said that "after more than ten years of research and development, we are grateful to reach this crucial milestone in our journey thanks to our funding partners who recognized the innovation and potential of Fourth Power’s thermal battery technology."

Besides advancing the development of the energy storage solution, the company also plans to build a 1 MWh prototype plant in Boston, which could go online in 2026 and enable the expansion of the company's team.

Arvin Ganesan, Fourth Power’s CEO, added that "our vision has always been to tackle climate change by making renewable energy – which is the most cost-effective form of power – a reliable resource for the grid to use at all hours of the day. We need utility-scale energy storage that can grow with the grid to make this a reality on a global scale."