Fourth Power Named 2024 World Economic Forum Technology Pioneer
- Fourth Power will represent the energy industry and is among 100 leading technology start-ups from various sectors joining the 2024 cohort.
- The Fourth Power Thermal Battery can store intermittent solar and wind generation, making renewable energy as reliable as fossil fuels while remaining cost-competitive.
- In its 23rd year, the World Economic Forum Technology Pioneers honors novel and inventive technology that addresses society’s well-being and economic growth.
BOSTON–(BUSINESS WIRE)–Marking the significance of its innovative utility-scale thermal battery technology and grid decarbonization capability, Fourth Power has been named a 2024 World Economic Forum (WEF) Technology Pioneer. The diverse community of world-renowned start-ups fostered by WEF all share a goal to positively shape a shared future through original solutions. Fourth Power is part of the program’s energy cohort, aimed at accelerating the transition to secure, sustainable, and equitable energy globally and locally. The company’s thermal battery sets itself apart from other technologies with its cost-effective, utility-scale energy storage solution that grows with the grid.
“The world needs a significant build-out of energy storage to harness renewable power as global electricity demand skyrockets. That storage needs to be cost-effective, based on an abundant supply chain, and extremely reliable,” said Arvin Ganesan, CEO of Fourth Power. “As electrification grows and energy costs rise in tandem, it is a privilege to be recognized by the World Economic Forum for our work toward creating a cost-effective flexible-duration energy storage solution. We look forward to collaborating with other start-ups within the community to make clean energy accessible across the globe.”
Fourth Power’s scalable “sun-in-a-box” technology uses inexpensive, widely accessible materials like graphite and tin to store renewables for long and short periods of time, releasing electricity as needed to the grid. By utilizing these resources, Fourth Power can offer a flexible grid-scale energy storage solution at a fraction of the cost of other battery technologies.
“During this pivotal time of Fourth Power’s development, being selected as a Technology Pioneer is a key validation for our technology,” said Asegun Henry, founder and chief technology officer of Fourth Power. “Fourth Power’s thermal battery holds enormous potential to revolutionize the energy landscape with affordable, scalable storage, and being part of a highly respected global organization will provide us with unmatched partnership and growth opportunities.”
As part of its annual cohort recruitment, WEF recognizes a select group of 100 leading technology start-ups spanning several industries, including life sciences, health, energy, environment, information technologies, and new media. Fourth Power joins more than 1,000 of the world’s top innovators, ready to contribute their innovation and expertise to WEF’s global initiatives.
In addition to this honor, Fourth Power was recently named the Energy Category winner of Fast Company’s 2024 World Changing Ideas Awards. Fourth Power was among 50 winners, selected from more than 1,300 entries in categories such as energy, sustainability, technology, social justice, and more.
About Fourth Power
Backed by more than a decade of R&D, Fourth Power provides utility-scale thermal battery solutions that store renewable energy as heat for short and long durations to dispatch electricity to the grid in seconds. Developed by MIT and Georgia Tech scholars, the company aims to supply affordable and reliable clean power using innovative thermal technology with thermophotovoltaic (TPV) solar cells, turning the light from heated carbon blocks into electricity. The company has set several records, including the record for thermophotovoltaic efficiency at 41% and a Guinness World Record for the highest temperature pump at 1200°C degrees. Fourth Power’s extremely high-temperature system ensures maximum efficiency with readily available materials, making its technology the lowest-cost option for grid decarbonization. For more information on Fourth Power, visit gofourth.com.
About The Technology Pioneer
The Technology Pioneer community is composed of early-stage start-ups from around the world involved in the development and deployment of new technologies and innovations. The World Economic Forum selects 100 companies annually to work with society’s foremost political, business and cultural leaders to address issues facing people and the planet.
About World Economic Forum
The World Economic Forum is the International Organization for Public-Private Cooperation. It provides a global, impartial and not-for-profit platform for meaningful connection between stakeholders to establish trust, and build initiatives for cooperation and progress.
Contacts
For Fourth Power
Technica Communications
Melanie Morris
