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Electrified Thermal Solutions is preparing to raise a $50 million to $70 million Series A later this year, CEO Daniel Stack tells Axios.

Why it matters: The company plans to seek both equity and debt when it begins raising in the second half of 2025.

Zoom in: The startup says its heat-absorbing bricks can compete on cost with conventional natural gas, and it will use the funds to build a first commercial factory.

"We would expect to build a robust capital stack that's more than just equity," Stack says.

The round's target "comes down to how much we're contract manufacturing versus building in-house."

How it works: Electrified Thermal, an MIT spinout based in Medford, Mass., developed stackable "firebricks" that can heat to 3,275 degrees Fahrenheit.

It sells a thermal battery containing the bricks and offers subscription-style "heat-as-a-service," in which industrial customers pay for the heat that the bricks produce.

What they're saying: "We're at a point where electrified heat is generally competitive with natural gas," Stack says.

"We heat the bricks when electricity is cheapest, and we can give you that heat around the clock."

Flashback: The company previously raised about $23.5 million, including $19 million in December from Holcim Maqer Ventures, Vale Ventures, TechEnergy Ventures, EDP Ventures, Tupras Ventures, GVP Climate, Clean Energy Ventures, Starlight Ventures, Mass Ventures, and Clean Energy Venture Group.

Exclusive: Electrified Thermal Solutions planning $70M raise for heat batteries

The startup says it can compete on cost with natural gas.

Electrified Thermal Solutions' green-tinted firebrick, with whitish dots. 

Electrified Thermal Solutions' firebrick can reach 3,275 degrees. Photo: Barry Chin/The Boston Globe via Getty Images

Electrified Thermal Solutions is preparing to raise a $50 million to $70 million Series A later this year, CEO Daniel Stack tells Axios.Why it matters: The company plans to seek both equity and debt when it begins raising in the second half of 2025.

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Exclusive: Electrified Thermal Solutions planning $70M raise for heat batteries

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