Australian clean-technology manufacturer Graphite Energy has secured $40 million in funding to help accelerate the large-scale deployment of its Green Steam thermal energy storage systems.
Graphite Energy designs, manufactures, and operates advanced electric boiler systems that use thermal energy storage to capture and utilise low-cost renewable electricity, delivering steam at a price point below natural gas.
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The technology enables manufacturers to replace natural gas boilers with low-cost renewable electric heat, reducing both operating costs and carbon emissions.
Graphite Energy has secured a loan facility from Catalytic Impact Capital to support the rollout of its Green Steam systems. The company has also signed an equity subscription agreement, supported by existing shareholders, led by the family office of Lyall and Toni McLachlan in conjunction with a new institutional investor.
Graphite Energy CEO Peter Lemmich said, “This funding marks a major milestone for Graphite Energy. Demand for our Green Steam solution is accelerating and we now have the
capital to deliver at the pace our customers require.
“Our technology enables manufacturers to reduce operating costs today, while positioning their businesses for a low-carbon future.”
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Graphite Energy is currently installing two Green Steam systems with major multinational food and beverage companies, with a further eight projects currently progressing through detailed engineering.
