ENERGY STORAGE

US storage company Alsym Energy closes $78m financing round

April 8, 2024

US battery storage company Alsym Energy has closed a $78 million financing round, which was led by Tata Limited, a division of Tata Sons, and  venture capital firm General Catalyst.

Other participants in the investment wound were New York-based Thrive Capital and Toronto-based Thomvest, alongside existing investor Drads Capital.

Alsym will use the funds to grow its team and expand its prototyping and pilot lines.

Alsym says it has developed a rechargeable non-flammable battery chemistry that’s free of lithium and cobalt and suitable for a range of stationary storage use cases “including utility grids, home storage, microgrids, industrial applications, and more”. The company also says its batteries have “high long-term energy retention, can be used for any discharge duration from four to 110 hours, and can recharge in as few as four hours”.

“As the clean energy transition accelerates, it’s becoming more apparent that a single battery technology is not ideal for every use case, and that more options are needed to help address the challenges of a changing climate,” said Mukesh Chatter, CEO and co-founder of Alsym Energy. “This funding round represents a significant vote of confidence in our approach to developing new, non-flammable battery chemistries that combine high performance and low cost with a high level of safety. It gives us the ability to speed our pace of development, increase our capacity to provide samples to both existing and prospective customers, and ultimately get our first product to market as quickly as possible.”

Genevieve Kinney, partner at General Catalyst, added: “Alsym’s low-cost batteries combine performance and safety, and their strategic partnerships reflect one of the key pillars of our global resilience thesis, which relies on radical collaboration with established industry partners to scale new, critical technologies. With this partnership, we believe Alsym is well-positioned to drive a more sustainable future around the world.”