RONDO DEMONSTRATION PIPELINE (IEU GT2)-CATALYST (EIB-20230665)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Denmark
  • Germany
  • Portugal
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • European Investment Bank (EIB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 11, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
RONDO ENERGY INC
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 36.77 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 35
Converted using 2024-12-11 exchange rate.
Project Cost (USD)
$ 81.94 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 78
Converted using 2024-12-11 exchange rate.
Primary Source

Original disclosure @ EIB website

Updated in EWS May 1, 2025

Disclosed by Bank Dec 16, 2024


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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the project consists of the deployment of the European demonstration pipeline of RONDO's power-to-heat energy storage solution to decarbonize industrial heat supply. It includes the construction and operation of three Rondo Heat Batteries (RHB100) with 100MWh storage capacity each in Denmark, Portugal and Germany and the related research and development activities.

The project is the European deployment of an electric thermal energy storage technology, the Rondo Heat Battery (RHB), that allows long duration storage of electric energy in the form of heat. Radiant heaters powered by electricity rapidly and uniformly heat up to high temperatures the refractory bricks that can store heat for hours or days. The RHB discharges the stored energy in the form of dispatchable high temperature gas or steam for industrial heat supply or cogeneration. The RHB units will be implemented by three subprojects on existing brownfield industrial sites in Denmark, Germany and Portugal.

RHB is an innovative power-to-heat solution to decarbonize heat supply by storing electricity produced by variable RES in the form of heat and ensuring continuous heat supply for utility and industrial use.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

Due to its technical characteristics, the subprojects fall under Annex II3 of Directive 2014/52/EU amending EIA Directive 2011/92/EU, leaving it to the national competent authority to determine whether an environmental impact assessment is required. The subprojects are in early phase of preparation.

Based on the preliminary assessment of the Promoter and its consultant on environmental matters the subprojects are not expected to meet the requirements for an EIA. This conclusion, however, must be confirmed by the screening decision of the competent authorities based on the formal submittal of applications and review of relevant project documentation.

Based on the information provided by the Promoter the subprojects are expected to have limited residual environmental impact. All three subprojects will be located within the sites of established industrial facilities operating under the necessary authorizations obtained during the development and operation phases. On these sites the presence of flora and fauna which may be impacted is negligible and no significant impact on the surrounding landscape is expected. The RHB units do not require significant consumption of natural resources. Concerning steam generation, the water consumption would not be different from the current situation because the RHB units will only replace the current steam generation sources, which are based on natural gas. The Project does not involve significant emissions of hazardous substances to air, water, soil or groundwater. The impact of noise in the surroundings is not significant. The generation of waste materials is limited. The technology does not require a continuous supply of materials, therefore the subprojects are not expected to induce changes in traffic in the area.

Most environmental and social impacts of the Project are expected to be limited, site-specific, temporary during construction and largely reversible with no significant negative residual effects after the implementation of mitigation measures.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Rondo Energy delivers zero-carbon industrial heat. Rondo Heat Battery powers industrial processes with renewable electricity, cutting energy costs and eliminating emissions.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Rondo Energy, Inc. Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

No contacts available at the time of disclosure.

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.eib.org/en/infocentre/registers/request-form/request-form-default.htm

ACCOUNTABILITY MECHANISM OF EIB

The EIB Complaints Mechanism is designed to facilitate and handle complaints against the EIB by individuals, organizations or corporations affected by EIB activities. When exercising the right to lodge a complaint against the EIB, any member of the public has access to a two-tier procedure, one internal - the Complaints Mechanism Office - and one external - the European Ombudsman. A complaint can be lodged via a written communication addressed to the Secretary General of the EIB, via email to the dedicated email address: complaints@eib.org, by completing the online complaint form available at the following address: http://www.eib.org/complaints/form via fax or delivered directly to the EIB Complaints Mechanism Division, any EIB local representation office or any EIB staff. For further details, check: http://www.eib.org/attachments/strategies/complaints_mechanism_policy_en.pdf

When dissatisfied with a complaint to the EIB Complaints Mechanism, citizens can then turn towards the European Ombudsman. A memorandum of Understanding has been signed between the EIB and the European Ombudsman establishes that citizens (even outside of the EU if the Ombudsman finds their complaint justified) can turn towards the Ombudsman on issues related to 'maladministration' by the EIB. Note that before going to the Ombudsman, an attempt must be made to resolve the case by contacting the EIB. In addition, the complaint must be made within two years of the date when the facts on which your complaint is based became known to you. You can write to the Ombudsman in any of the languages of the European Union. Additional details, including filing requirements and complaint forms, are available at: http://www.ombudsman.europa.eu/atyourservice/interactiveguide.faces

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