US storage manufacturer Torus completes $67m financing round

April 4, 2024

Utah-based energy storage system manufacturer Torus has completed a $67 million fundraising round.

This financing round consisting of new equity, conversion of outstanding notes, and a loan facility, was led by Origin Ventures. The financing also saw contributions from institutional investors including Epic Ventures, Cumming Capital, the Larry H. Miller Company, Zions Bank, Pelion and ICONIQ.

Nate Walkingshaw, CEO and founder of Torus, said: “We are thrilled to have Origin Ventures leading this equity financing. We continue to make significant technical strides in energy storage and management. We at Torus are proud to be designing, engineering and manufacturing energy storage and management products here in the U.S. Our strategic partnerships with industry giants like the Rocky Mountain Power ‘Wattsmart’ program and our relationship with Vivint Smart Home, alongside financing allies Sungage and Banterra Bank, are empowering communities to embrace energy storage. This will assist the commercial and utility sectors to physically expand and maintain resilience. This progress marks a major step towards a future where renewable energy storage and management is accessible for all.”

Brent Hill, managing partner at Origin Ventures, added: “Torus offers reliable, scalable and secure solutions that can bring real change at all levels of the energy storage market. We are most excited about domestic manufacturing and production of energy storage and management products here in the US. As a Board member, I will work toward aligning the Torus vision to the pressing needs of an ever-expanding grid.”