Alsym™ Energy, a pioneer in the development of advanced non-flammable rechargeable batteries for stationary storage, marine, and mobility applications, has announced the successful closure of a $78 million funding round. This round was jointly led by Tata Limited, a wholly-owned subsidiary of Tata Sons, and General Catalyst, a renowned global venture capital firm. Additionally, New York-based Thrive Capital and Toronto-based Thomvest participated in the round, alongside existing investor Drads Capital. The infusion of capital will enable Alsym to expand its team based in the Boston area and enhance its prototyping and pilot lines to meet the growing demand for customer samples. The involvement of leading strategic investors and venture capital firms underscores the increasing interest in advanced, cost-effective non-flammable battery technologies.

The transition towards renewable energy sources is gaining momentum, necessitating the deployment of battery energy storage systems (BESS) on a large scale to ensure continuous power availability. As fossil-fuel plants are gradually phased out, the intermittent nature of renewables underscores the need for diverse storage technologies to cater to varying customer requirements in terms of cost-effectiveness and performance. The first product from Alsym, Alsym Green, boasts notably higher system-level energy density when compared to alternative non-flammable, non-lithium battery formulations. Future product lines targeting the marine, two-wheeler, three-wheeler, and passenger vehicle markets are in the pipeline.

Alsym Green stands out for its ability to operate efficiently at elevated temperatures, making it an ideal choice for stationary and grid storage applications where fire risk escalates with rising temperatures. Furthermore, boasting a low, industry-leading levelized cost of storage (LCOS) and the capability to support a wide range of discharge durations through software configuration, Alsym batteries eliminate the need for multiple solutions, catering to short, medium, and long-duration storage applications.

Mukesh Chatter, CEO and Co-Founder of Alsym Energy, underscored the significance of diversifying battery technologies to meet the evolving demands of the clean energy transition. He stated, "As the clean energy transition accelerates, it’s becoming increasingly evident that a single battery technology may not be suitable for every application, highlighting the need for more versatile options to tackle the challenges posed by climate change." He further elaborated, "This funding round serves as a strong validation of our strategy to develop innovative, non-flammable battery solutions that offer a compelling blend of high performance, affordability, and safety. It enables us to expedite our development efforts, enhance our capability to provide samples to both existing and potential clients, and ultimately bring our initial product to market expeditiously."

Highlighting the adaptability of Alsym batteries, Dr. Kripa Varanasi, Co-Founder of Alsym Energy and Professor of Mechanical Engineering at MIT, emphasized their utility in diverse scenarios. He remarked, "Battery storage systems play a crucial role in providing reliable grid capacity during periods of limited solar and wind energy generation. However, the evolving climate and hazardous conditions necessitate versatile solutions capable of meeting varied requirements in a safe and cost-effective manner." Dr. Varanasi continued, "Alsym batteries are well-suited for use in both moderate and warming climates, as well as in a range of infrastructure and industrial settings such as data centers, steel mills, and chemical plants. Our cost-effective and environmentally friendly technology will facilitate the economic viability of decarbonization efforts, benefiting not only developed nations but also those in the G-77 bloc, enabling widespread participation in the transition to clean energy."

Underlining the global impact of Alsym's groundbreaking battery technology, Genevieve Kinney, partner at General Catalyst, highlighted its significance in emerging markets where battery storage is pivotal in lowering the cost of renewable energy. Kinney remarked, "Alsym's cost-effective batteries blend performance and safety seamlessly, and their strategic collaborations align with the core tenets of our Global Resilience thesis, emphasizing the importance of collaborative efforts with established industry players to amplify groundbreaking technologies. With this collaboration, we are confident that Alsym is poised to spearhead the advancement of a more sustainable future worldwide."