Alsym Energy, a Woburn, MA-based developer of non-flammable rechargeable batteries for stationary storage, marine and mobility applications, raised $78M in funding.
The round was led by Tata Limited and General Catalyst. Thrive Capital and Toronto-based Thomvest also joined in the round, as well as existing investor Drads Capital.
The company intends to use the funds to grow its Boston-area team and expand its prototyping and pilot lines to address the demand for customer samples.
Led by CEO Mukesh Chatter, and Co-Founder Dr. Kripa Varanasi, Alsym Energy has developed a rechargeable battery chemistry that’s free of lithium and cobalt and ideal for applications such as stationary storage, maritime shipping, and EVs including two-wheelers, three-wheelers, and passenger vehicles. By using non-flammable, non-toxic battery materials with global supply chains, it is working to deliver wide-duration storage with performance comparable to lithium-ion at a much lower cost, helping to speed the pace of decarbonization globally.
FinSMEs
03/04/2024