Siam Cement Group and Rondo Energy Announce Investment and Plan Partnership to Bring Zero-Carbon Heat to New Industries and New Territories

Siam Cement Group Joins Breakthrough Energy Ventures and Energy Impact Partners to accelerate profitable, zero-carbon industrial production

ALAMEDA, Calif. -- Siam Cement Group (“SCG”) has invested in Rondo Energy (“Rondo”), joining decarbonization investment leaders Energy Impact Partners and Bill Gates’ Breakthrough Energy Ventures. Rondo and SCG will be collaborating under a letter of intent to develop and expand the use of Rondo’s Heat Battery (“RHB”) technology. The RHB can deliver deep decarbonization when applied across SCG’s lines of business including cement, chemicals, paper, and packaging. Rondo and SCG plan to offer large-scale renewable solutions for industry across Southeast Asia and expand Rondo’s reach and ability to deliver systems at scale worldwide.

SCG’s investment will support earlier deployments of the Rondo Heat Battery, which reduces operating costs for the world’s biggest energy users - heavy industry - while eliminating Scope 1 and Scope 2 emissions. Rondo will use this funding to scale its manufacturing capacity, originate customer projects and develop services for both heavy industry and energy producers.

Rondo and SCG expect this collaboration to support rapid production and deployment of RHBs across Southeast Asia and worldwide. The companies plan to work together on large-scale renewable energy projects that decarbonize energy-intensive industrial operations.

“Rondo is excited to be working with SCG,” said John O’Donnell, CEO of Rondo Energy. “Rondo’s technology opens a new pathway for SCG to achieve their deep decarbonization goals and simultaneously reduce their operating costs. SCG’s deep capabilities in execution and quality will enable Rondo to deliver reliable energy infrastructure rapidly and at scale. Together, Rondo and SCG have the global footprint to deliver deep decarbonization projects, including Heat as a Service projects in Southeast Asia and worldwide.”

The Rondo Heat Battery is a simple solution for low-cost deep decarbonization of industrial processes. Renewable electricity is stored as high-temperature heat in brick. The stored heat is delivered on demand at temperatures up to 1500°C. The Heat Battery delivers the reliable, continuous energy supply industry needs, while capturing the lowest-cost, lowest-carbon energy in the world today: intermittent wind and solar power.

Rondo’s simple, practical solution builds on the steel industry’s experience in using millions of tons of brick for low-cost heat storage worldwide, and on decades of team experience building large-scale industrial heat. The plunging costs and worldwide availability of wind and solar power now make Rondo’s zero-carbon heat the lowest-cost approach to large-scale industrial decarbonization.

Tim McCaffery, Global Investment Director of SCG, said, “SCG has been leading and investing in strong decarbonization technologies with the goal to achieve net-zero emissions by 2050. Rondo has a heat battery technology to reduce CO2 emissions in manufacturing operations. Together with Rondo, SCG is excited to bring this technology to the region to reduce greenhouse gas emissions and limit global warming.”

About Rondo Energy:

Rondo Energy makes industrial decarbonization possible — and profitable — today. The Rondo Heat Battery captures low-cost renewable electricity and delivers continuous high-temperature heat, enabling customers to power their operations with zero-carbon energy. Learn more at rondo.com.

About Siam Cement Group:

SCG, a leading business conglomerate in the ASEAN region, has committed itself to conducting business in line with good corporate governance and sustainable development principles throughout 100 years. The Group's longstanding tradition of learning, adjustment and development in all areas has enabled SCG to survive the wave of crises and challenges and earn widespread recognition as a role model for other businesses, both locally and internationally. SCG was established in 1913 following a royal decree of His Majesty King Rama VI to produce cement, the main building material for infrastructure projects that greatly contributed to the progress of the country during that period. Since its founding, SCG has grown continually and diversified into three core businesses, namely Cement-Building Materials Business, Chemicals Business and Packaging Business.

Contacts

Media Contact:
Alex Petersen
RondoPR@tigercomm.us