WOBURN, Mass. - Wednesday, 03. April 2024
Boston-area battery company will use investments to expand manufacturing capability in order to meet growing demand for customer samples
(BUSINESS WIRE)--Alsym™ Energy, a developer of next-generation non-flammable rechargeable batteries for stationary storage, marine and mobility applications, announced a $78 million funding round jointly led by Tata Limited (a wholly-owned subsidiary of Tata Sons) and General Catalyst, a global venture capital firm. New York-based Thrive Capital and Toronto-based Thomvest also joined in the round, as well as existing investor Drads Capital. Alsym will use the funds to grow its Boston-area team and expand its prototyping and pilot lines to address increasing demand for customer samples. This commitment from leading strategic investors and venture capital firms highlights the growing interest in high-performance, inexpensive non-flammable battery technologies.
Electricity generation is shifting to renewables, which are intermittent by nature and must be backed up by battery energy storage systems (BESS) at scale to ensure 24/7 availability as fossil-fuel plants go offline. A variety of storage technologies are needed to address the different requirements of customers in terms of costs and performance. Alsym’s first product for this market, called Alsym Green, offers significantly higher system-level energy density than other non-flammable, non-lithium battery chemistries. Products targeted to the marine, two-wheeler, three-wheeler, and passenger vehicle markets are planned to follow.
With the ability to operate at elevated temperatures, Alsym Green is the only high-performance, non-flammable option suitable for stationary and grid storage in situations where the risk of fire increases as the mercury rises. And with low, industry-leading levelized cost of storage (LCOS) and the ability to support a wide, software configurable range of discharge durations, Alsym batteries can be used for short, medium, and long-duration storage applications without the need for multiple solutions.
“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.”
“Battery storage systems can help provide firm capacity to the grid when the sun is not shining and wind is not blowing, but changing climates and hazardous environments demand flexible solutions that can meet a range of needs safely and economically,” said Dr. Kripa Varanasi, Co-Founder of Alsym Energy, Professor of Mechanical Engineering at MIT, and thought leader in decarbonization and sustainability. “Alsym batteries are ideally suited to both temperate and warming climates, as well as infrastructure and industrial applications including data centers, steel mills, and chemical plants. Our low-cost, non-toxic technology will help make decarbonization economically feasible in the developed world as well as G-77 nations, allowing everyone to play a role in the clean energy future.”
"As we continue to see record scaling of renewable energy resources around the world, the practical constraints and supply chain uncertainties of lithium-ion batteries have become more acute, driving demand for alternatives that compete on performance, cost, and availability. This is particularly salient in emerging markets, where battery storage will be critical to driving down the cost of clean energy,” said Genevieve Kinney, partner at General Catalyst. “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."
About Alsym Energy
Alsym™ Energy has developed an innovative low-cost, high-performance rechargeable battery chemistry that’s free of lithium and cobalt and ideal for applications such as stationary storage, maritime shipping, and EVs including two-wheelers, three-wheelers, and passenger vehicles. By using non-flammable, non-toxic battery materials with robust global supply chains, Alsym is working to deliver wide-duration storage with performance comparable to lithium-ion at a much lower cost, helping to speed the pace of decarbonization globally. Alsym is based in Woburn, Massachusetts. To learn more, please visit alsym.com.
About the Tata Group
Founded by Jamsetji Tata in 1868, the Tata Group is a global enterprise, headquartered in India, comprising 30 companies across ten verticals. The group operates in more than 100 countries across six continents, with a mission 'To improve the quality of life of the communities we serve globally, through long-term stakeholder value creation based on Leadership with Trust’. Tata Sons is the principal investment holding company and promoter of Tata companies. Sixty-six percent of the equity share capital of Tata Sons is held by philanthropic trusts, which support education, health, livelihood generation and art and culture.
About General Catalyst
General Catalyst is a venture capital firm that invests in powerful, positive change that endures — for our entrepreneurs, our investors, our people, and society. We support founders with a long-term view who challenge the status quo, partnering with them from seed to growth stage and beyond to build companies that withstand the test of time. With offices in San Francisco, Palo Alto, New York City, London, Berlin and Boston, the firm has helped support the growth of businesses such as: Airbnb, Deliveroo, Guild, Gusto, Hubspot, Illumio, Lemonade, Livongo, Oscar, Samsara, Snap, Stripe, and Warby Parker. For more: www.generalcatalyst.com.
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Media Contact:
Antenna Group for Alsym Energy
Alsym@antennagroup.com
646-357-3445
