Alsym Energy, a Boston-based startup that has developed an innovative lithium and cobalt-free battery, has reportedly drawn $78 million during the company's series C funding, led by the company Tata Limited and General Catalyst, a global venture capital firm.
Founded in April 2015, Alsym Energy has created a high-performance, non-flammable, rechargeable battery chemistry free of cobalt and lithium.
The battery can be used in numerous stationary storage use cases, such as utility grids, residential storage, microgrids, commercial applications, and more.
Alsym Green, the company's first battery storage product, claims to be the only high-performance, non-flammable choice appropriate for grid and stationary storage in scenarios where the fire risk escalates with temperature.
(Photo: SANDY HUFFAKER/AFP via Getty Images) Microsoft researchers and their colleagues from the Pacific Northwest National Laboratory have used artificial intelligence (AI) to develop a battery that utilizes less lithium.
Alsym states that it will use the money to increase the size of its staff in the Boston area and its pilot and prototyping lines to meet the growing demand for customer samples.
According to Alsym, investor interest demonstrates the growing demand for low-cost, high-performance, non-flammable battery solutions.
The firm also plans to develop future products for marine applications and electric vehicles (EVs), including two-wheelers, three-wheelers, and passenger cars.
Alsym's series C funding consisted of Toronto-based Thomvest and New York-based Thrive Capital, along with longtime backer Drads Capital.
It was jointly led by Tata Limited, a wholly-owned subsidiary of Tata Sons, and General Catalyst, a worldwide venture capital firm.
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Alsym Green's Advantages
According to Genevieve Kinney, a partner at General Catalyst, the venture capital firm invested as the public witnessed the record global scaling of renewable energy resources.
The practical limitations and uncertainties surrounding the lithium-ion battery supply chain have intensified, increasing demand for competitively priced, high-performing alternatives.
According to Alsym, their batteries can be charged in as little as four hours and utilized for any length of discharge, ranging from four to 110 hours.
It claims that Alysm Green can accommodate a wide range of discharge periods, can be customized via software, and has a low storage cost.
Green Batteries' Importance
According to Tech Crunch, Alsym's green batteries are all the more important when the world economy has completely changed because of lithium-ion batteries, which enable e-bikes, electric cars, laptops, cellphones, and more; unfortunately, these batteries are still too expensive, proving to be a prime barrier to provide electricity for all avenues the general public needs it.
Furthermore, Alsym's battery is all the more relevant, considering sources indicate that as fossil fuel plants shut down, electricity production is transitioning to renewable energy sources, which are sporadic by nature and require large-scale battery energy storage systems (BESS) to maintain availability around the clock.
Because of this, several storage solutions are required to meet clients' various needs in terms of price and functionality.
To be fair, though, Alsym has only generated samples thus far, and its efficacy cannot be verified due to its sensible business decision to keep its technology a secret.
The CEO of Alsym Energy, Mukesh Chatter, stated that the company's first completed products should be accessible by 2025.
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(Photo: Tech Times)
