Boston-based battery startup Alsym Energy proudly announced on Wednesday that it had raised a whopping $78 million in Series C funding.
The company is developing an innovative, nonflammable, rechargeable battery without using common critical minerals – cobalt and lithium.
Alsym Energy secures $78M in Series C funding
According to the press release, Alsym Energy’s $78 million Series C funding round was led by Tata Sons-owned unit Tata Limited and global venture capital firm General Catalyst.
Other participants include New York’s Thrive Capital, Toronto’s Thomvest, and existing investor Drads Capital.
Alsym Energy asserted that this successful funding round is a “significant vote of confidence” in their venture to develop nonflammable battery technologies to offer the following benefits:
- high performance
- low cost
- high level of safety
Nonflammable rechargeable battery development
Alsym Energy claims to have achieved a breakthrough with its nonflammable, high-performance rechargeable battery. Impressively, it does not require the use of lithium and cobalt.
The new battery tech is applicable to a wide range of stationary storage projects, including utility grids, home storage, microgrids, and industrial applications, among others.
In addition, the company claims that its battery tech is “dendrite-free,” cutting the risks of thermal runaway.
“While Alsym and lithium-ion cells may look similar, we take advantage of inherently nonflammable and non-toxic materials, and our electrolyte is water-based. Alsym cells are also inherently dendrite-free and immune to conditions that could lead to thermal runaway.”
Alsym Energy indicated on its website
It named its inaugural battery storage offering Alsym Green, which is apparently the “only high-performance, nonflammable option suitable for stationary and grid storage in situations where the risk of fire increases as the mercury rises.”
Moreover, the company highlighted that its cutting-edge batteries supports any discharge duration between 4-110 hours. It can also recharge as fast as four hours.
“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.
Alsym batteries are ideally suited to both temperate and warming climates, as well as infrastructure and industrial applications including datacenters, steel mills, and chemical plants.”
Alsym Energy Co-Founder Dr. Kripa Varanasi
Moving forward
Alsym Energy plans to utilize the fresh funds to boost its production capacity to meet the demand for samples to existing and future customers. In effect, it can accelerate the Alsym Green’s official market launch.
The funds will also help the company grow its Boston-based team and expand its prototyping and pilot capabilities.
Alsym Energy aims to develop and launch new battery technologies for marine applications and electric vehicles, including two-wheeler, three-wheeler, and passenger vehicle.
