Massachusetts-based Alsym has secured a whopping US$78 million in venture capital funding from Tata Sons and General Catalyst for its groundbreaking non-lithium battery technology. The company has remained tight-lipped about the specifics of its battery chemistry, only revealing that it is a “low-cost, high-performance rechargeable” solution that does not contain lithium or cobalt.
The funding will be used to expand Alsym’s team in Boston and ramp up prototyping and pilot lines to meet the increasing demand for samples from customers. The company’s first product, Alsym Green, boasts a superior system-level energy density compared to other non-lithium battery chemistries, making it suitable for stationary energy storage, as well as maritime and automotive applications.
On the other hand, Torus, another Massachusetts-based energy storage company, is gearing up to scale up its flywheel technology and software offerings with a fresh round of funding. Torus deploys energy storage systems using flywheel technology, offering virtual power plant solutions in partnership with utilities like Rocky Mountain Power in Utah through its Wattsmart programme. The company’s flywheel technology is said to be 95% recyclable and has a service life of 25 years, distinguishing it from traditional chemical batteries.
With the new funding, Torus plans to enhance its energy solutions portfolio in the commercial and utility sectors, as well as bolster its team with key talent. The company has already welcomed Brent Hill, MD of Origin Ventures, and David Bywater, former CEO of Vivint Smart Home and Vivint Solar, to its board, signaling its commitment to driving innovation in the energy storage industry.
