Catalyst Breakthrough Energy Catalyst and the European Investment Bank Announce €75 Million of Funding for Rondo Energy to Develop Industrial Decarbonization Projects Across Europe

With Rondo’s first-of-a-kind projects, EU-Catalyst accelerates the widespread deployment of climate technologies that can cut emissions without a green premium.

Today at the Breakthrough Energy Summit, EU-Catalyst announced its third investment in a first-of-a-kind (FOAK) commercial project for emerging climate technologies. Alongside the European Commission and the European Investment Bank (“EIB”), Breakthrough Energy Catalyst is providing €75 Million of funding, subject to the satisfaction of certain conditions, for Rondo Energy, which is also a Breakthrough Energy Ventures portfolio company. The investment will support three groundbreaking industrial decarbonization projects in Europe.

“Rondo’s deployment is crucial at a time when European manufacturers are urgently looking for ways to eliminate their dependence on natural gas,” said Mario Fernandez, Head of Breakthrough Energy Catalyst. “We’re proud to support these important projects across Europe and to work with such great partners in Rondo, the European Investment Bank, and the European Commission who bring the commitment and vision to commercialize this critical technology.”

With the funding, Rondo will expand its European presence and build three projects delivering low-cost clean energy under long-term contracts:

  • Decarbonizing Covestro’s Chemical Production: Rondo will deliver clean energy services for Covestro, a world-leading specialty chemical company, at a production facility in Northern Germany. An RHB100 will be delivering continuous steam powered by intermittent wind energy, contributing to Covestro’s deep commitment to circularity and decarbonization.
  • Building a “Clean Utilities Core” for GreenLab’s Revolutionary Clean Industrial Park: In Skive, Denmark, an RHB100 powered by renewables will generate high-pressure steam to drive a CHP steam turbine generator cycle. This will translate intermittent electricity into baseload heat and power for multiple clients at GreenLab’s green and circular industrial park.
  • Decarbonizing Food & Beverage Production: Rondo will also build a third project that charges from on-site and off-site solar, delivering deep decarbonization for a European producer in the food and beverage sector. Further details will be announced soon.

Each project has been optimized to capture low-cost intermittent energy from local and remote wind and solar resources in order to deliver “drop-in decarbonization.” The facilities will deliver low-cost, continuous, high-pressure, zero-carbon steam and power as a service.

The deployment and learnings from Rondo’s FOAK projects will work to make clean industrial heat and power cheaper than traditional fuels. These initial deployments will reduce industrial reliance on gas and build sustainable, cost-effective energy solutions across the world.

“Europe urgently needs to replace imported gas with domestic renewable energy,” said Ann Mettler, VP of Breakthrough Energy Europe and co-leader of the Energy Resilience Leadership Group. “Repowering our industries is a matter of climate security, economic security, and national security. These projects are proving that we can deliver this triple win now, with the right technology, vision, and capital.”

Learn what the financing means for Rondo’s work to help eliminate the green premium for industrial heat electrification, and read more about Breakthrough Energy Catalyst’s partnership with the European Investment Bank and the European Commission here.

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