– Alsym Energy, based in Boston, raised $78 million in a financing round to expand its battery prototyping and pilot lines.
– The funding was jointly led by Tata Limited and General Catalyst, indicating growing interest in alternative battery technologies.
– Alsym’s first product, Alsym Green, offers system-level energy density, operates at elevated temperatures, and has a low levelized cost of storage, making it suitable for various applications including stationary storage and grid storage.
Boston-based Alsym Energy, a company that develops rechargeable batteries for various applications, recently announced a $78 million financing round to expand its battery prototyping and pilot lines. The funding was led by Tata Limited and General Catalyst, showcasing growing interest in non-flammable battery technologies as an alternative to lithium and cobalt.
CEO Mukesh Chatter highlighted the need for diverse battery technologies to address the challenges of the clean energy transition. The investment will help Alsym accelerate the development of their new battery chemistries, increase sample capacity for customers, and bring their first product, Alsym Green, to market quickly.
Alsym Green offers higher energy density than other non-flammable options, making it suitable for marine, two-wheeler, three-wheeler, and passenger vehicle markets. The batteries can operate at elevated temperatures, providing a high level of safety for stationary and grid storage. Alsym Energy aims to support a wide range of storage durations without the need for multiple solutions, making their batteries versatile for different applications.
Partner Genevieve Kinney from General Catalyst emphasized the need for alternatives to Lithium-Ion batteries, particularly in emerging markets where battery storage is crucial for clean energy. Alsym’s low-cost, high-performance batteries align with the goal of driving down the cost of renewable energy and supporting the transition to a clean energy future.