Earlier today we announced a $78 million Series C funding round 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.
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 will also help us increase our capacity to provide samples to both existing and prospective customers, and ultimately get our first product to market as quickly as possible.
Over the coming year, we will be significantly growing our Boston-area team and expanding our prototyping and pilot capabilities. It’s no secret that electricity generation is shifting to renewables, but wind and solar are inherently intermittent. For the world to go 100% renewable, a significant amount of safe, inexpensive storage is a must.
We’ll need different storage technologies to address different requirements and use cases. Our 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.
Please join us in welcoming Tata, General Catalyst, Thrive Capital and Thomvest on the next stage of our journey toward cutting-edge non-flammable battery chemistries. The future is electric!
