Alsym Energy Announces $78 Million Funding Round Led By Tata Limited And General Catalyst

WOBURN, Mass.--( BUSINESS WIRE )-- Alsym™ Energy , a developer of next-generation non-flammable rechargeable batteries for stationary energy storage, marine and mobility applications, announced a $78 million jointly led financing round 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 the round, as did existing investors Drads Capital . Alsym will use the funds to grow its Boston-area team and expand its prototype and pilot lines to address growing demand for customer samples. This commitment from leading strategic investors and venture capital firms highlights the growing interest in high-performance, affordable, non-flammable battery technologies.

Electricity generation is shifting to renewables, which are intermittent in nature and must be supported by battery energy storage systems (BESS) at scale to ensure 24/7 availability. week, when fossil fuel plants are taken offline. A variety of storage technologies are needed to address different customer requirements in terms of cost and performance. Alsym's first product for this market, called Alsym Green, offers much higher system-level energy density than other non-flammable, non-lithium battery chemistries. It is planned to continue with products aimed at the marine, two-wheeled, three-wheeled and passenger vehicle markets.

With the ability to operate at elevated temperatures, Alsym Green is the only non-flammable, high-performance option suitable for stationary and grid energy storage in situations where fire risk increases as the mercury rises. And with industry-leading low 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 term storage applications. and long lasting without the need for multiple solutions.

“As the clean energy transition accelerates, it is increasingly evident that 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, President, CEO and 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 provides the ability to accelerate our pace of development, increases our ability to offer samples to both potential and existing customers and ultimately getting our first product to market as quickly as possible.”

“Battery storage systems can help provide firm capacity to the grid when the sun isn't shining or the wind isn't blowing, but changing climates and hazardous environments demand flexible solutions that can meet a wide range of needs safely and “economically,” added Dr. Kripa Varanasi, co-founder of Alsym Energy, professor of Mechanical Engineering at MIT, and authority on decarbonization and sustainability. “Alsym batteries are ideally suited for both temperate and warm 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 in G-77 nations, allowing everyone to play a role in the clean energy future.” .

“As we continue to see a record rise of renewable energy resources around the world, practical constraints and uncertainties in the supply chain for lithium-ion batteries have become more acute, driving demand to alternatives compete on performance, cost and availability. This is specifically important in emerging markets, where battery storage will be critical in reducing the cost of clean energy,” said Genevieve Kinney, partner at General Catalyst. “Alsym's low-cost batteries combine performance and safety, and its strategic partnerships reflect one of the key pillars of our Global Resilience thesis, which relies on radical collaboration with established industry partners to scale to critical new 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, free of lithium and cobalt, and is ideal for applications including stationary energy storage, marine transportation and electric vehicles such as two-wheelers. , three-wheeled and passenger. By using battery materials that are non-flammable and non-toxic with strong global supply chains, Aslym is working to deliver long-duration storage with performance comparable to lithium-ion at a much lower cost, helping to accelerate the pace of decarbonization at a global level. Alsym is based in Woburn, Massachusetts. For more information, visit alsym.com .

About Tata Group

The Tata Group, founded by Jamsetji Tata in 1868, is a global company headquartered in India, comprising 30 companies across ten verticals. The group operates in more than 100 countries on six continents with the mission: “To improve the quality of life of the communities we serve globally, through the creation of value with long-term stakeholders based on trusted leadership.” . Tata Sons is the principal investment holding company and promoter of Tata companies. Sixty-six percent of Tata Sons' capital belongs to philanthropic trusts, which support education, health, livelihood generation, and arts and culture.

About General Catalyst

General Catalyst is a venture capital firm investing in powerful, lasting positive change for our entrepreneurs, our investors, our people and society. We back founders with a long-term vision that challenges the status quo, partnering with them from startup to growth stage and beyond, building companies that stand the test of time. The firm, which has offices in San Francisco, Palo Alto, New York City, London, Berlin and Boston, has helped support the growth of companies such as: Airbnb, Deliveroo, Guild, Gusto, Hubspot, Illumio, Lemonade, Livongo, Oscar, Samsara, Snap, Stripe and Warby Parker. For more information: www.generalcatalyst.com .

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Contacts

Press Contact :
Antenna Group for Alsym Energy
Alsym@antennagroup.com
646-357-3445