Rondo

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 The project consists of an investment of $15mln equity in Rondo. Rondo is a leading player in the Electric Thermal Energy Storage (“ETES”) space. ETES allows for variable, renewable power to be used for energy and industrial heat applications by converting electricity into heat and storing thatenergy in a medium with high thermal capacity. Upon discharge, the energy is typically delivered as hot air or steam, to be used in an industrial process (power-to-heat), or to produce electricity via a turbine (power-to-power). An ETES system's ability to operate in power-to-heat mode makes it one of the few technologies that can electrify demand for industrial heat. Rondo's core business is the design, assembly, and servicing of its proprietary ‘heat batteries'. Rondo uses specifically designed refractory brick as storage medium, which is a proven material that has been deployed in blast furnaces of the steel industry for decades. Batteries are heated via resistive electrical heaters that are typically powered through renewables and/or a grid-connection. The system's ability to charge rapidly allows the system to take advantage of times when electricity is cheapest, i.e. when there is (excess) renewable electricity production or at night. When discharged, the battery delivers continuous superheated air that can be used as process heat or steam at >95% efficiency of energy recovered to energy input. It can also deliver Combined Heat & Power (CHP) solutions, in which high pressure steam drives a steam turbine to produce electric power and the low-pressure steam can be deployed for further usage. Rondo currently provides equipment and manages turnkey construction, including design, permitting, and all the supporting components and auxiliary systems needed to deliver the service, in addition to the battery unit itself. In the future, Rondo is potentially relying more on EPC partnerships for project implementation. Rondo currently offers thermal batteries in two configurations: 100MWh and 300MWh. Rondo technology is based on modular sourcing of the battery components from strategic partners or global suppliers (depending on the component). The company manages the research and development (R&D) of its core component, refractory bricks, internally but outsources the manufacturing. Rondo's Headquarter is in Alameda, California (USA) in a facility comprising office space and its R&D facilities. The company is planning to expand and open additional offices abroad, responding to rising demand for its products and services. Rondo has one pilot project in operation, two full scale projects under construction, and additional projects in development.