Announcing our investment in EnergyBank, a pioneer in long-term energy storage
Summary
In less than two years, weve led the pre-seed/seed rounds of five companies: EnPowered, Patch, NCX, one yet to be publicized, and now EnergyBank. The team is building a large floating device (picture of the concept below) that can move masses of water from the ocean floor to its surface (over vertical distances between 4-8km) in order to exploit the gravitational potential energy. In fact, this floating device that costs $16M can provide potential energy equivalent to $1-2B worth of Lithium-Ion batteries! However, this is such a unique clean energy solution with mission-driven founders, that we had to back the team as they work on technical and industrial viability.EnergyBank is led by Tim Hawkey, Rhys Foster and Jordan Hooper. and were excited about building new friendships with a collection of VC firms from down under, including Icehouse Ventures (who led the seed round) and Blackbird.