CHICAGO – September 1, 2022 – Evergreen Climate Innovations announced its investment in Cache Energy which is developing transformational ultra-long duration energy storage technology using a thermo-chemical energy storage process that is suitable for a wide range of industrial applications.
Cache’s ultra-long duration energy storage technology is based on low cost, non-toxic, abundant material that stores energy under ambient conditions without special containment. Once charged, the material can store energy for months with near zero loss and can be easily transported where energy is required, making it as dispatchable as fossil fuels, but safer.
This investment is from the Illinois Clean Energy Innovation Fund. Evergreen Climate Innovations manages the Illinois Clean Energy Innovation Fund, which is funded by the U.S. Department of Energy State Energy Program and overseen by the Illinois Environmental Protection Agency’s Office of Energy.
Evergreen Climate Innovations is proud to support entrepreneurs and startups founded in the Greater Midwest that are bringing impactful climate technologies to market.
“We are proud to support Cache Energy’s innovative energy storage solution,” said Erik Birkerts, Chief Executive Officer at Evergreen Climate Innovations. “This powerful technology can store industrial heat or grid electricity at a very low cost, allowing industries to decarbonize safely and quickly.”
“One of the biggest public fears facing our transition to clean energy has been potential job loss due to changing skillsets,” said Cache Energy founder Arpit Dwivedi. “Our technology removes that challenge because it is very similar to thermal power plants, thus uses the same trained workforce and leverages the existing infrastructure to install and operate. Only the technology is new and safer!”
Cache’s team is inspired by the fact that fossil fuels are simply just chemicals buried under earth which react with air to produce energy. Cache Energy was born to find an alternative chemical reaction based on abundant material that doesn’t generate greenhouse gases and can be re-used over multiple energy storage and discharge cycles.
Cache Energy’s nontoxic, nonflammable, transportable energy storage material can be installed and stored anywhere and has the potential to compete with hydrogen as well as coal but in a clean and distributed fashion. Cache Energy is on the path to making clean energy accessible and affordable everywhere.
About Evergreen Climate Innovations
Evergreen Climate Innovations, formerly Clean Energy Trust, provides catalytic capital and support to entrepreneurs and startups that bring impactful climate technologies to market. The nonprofit pioneered its 501vc® Investment Fund to align philanthropic and corporate contributions to deliver environmental, economic, and social impact. Evergreen advances and expands access to innovation across the Greater Midwest and cultivates an ecosystem of investors, donors, and collaborators. For over a decade, Evergreen Climate Innovations has invested in startups that have raised $41 for every $1 invested. Learn more at evergreeninno.org
About Cache Energy
Cache Energy is developing long duration energy storage technology that can scale up to inter-seasonal durations. The non-toxic, non-flammable storage material can be safely stored at room temperature and easily transported. The ultimate goal is to provide the world with the closest alternative to fossil fuels which is clean. cache-energy.com
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Media Contact
Amy Yanow Fairbanks, Senior Communications & Marketing Manager
Evergreen Climate Innovations
