Alsym Energy, a battery technology company based in Woburn, Massachusetts, has recently secured $78 million in funding for the development of non-lithium batteries. The company aims to create batteries that do not rely on lithium or other materials that have supply problems or high costs.
The funding round was led by New York-based Thrive Capital and Toronto-based Thomvest, with participation from existing investor Drads Capital. Alsym Energy plans to use the funds to expand its team in the Boston area and enhance its prototyping and pilot lines to meet the increasing demand for customer samples.
Alsym Energy is focused on developing next-generation non-flammable rechargeable batteries for various applications such as stationary storage, marine, and mobility. These batteries utilize a different set of materials compared to traditional lithium-ion batteries but function similarly. The company’s batteries offer a combination of energy density, cost-effectiveness, and safety, making them well-suited for grid storage applications in urbanized areas.
One of the key advantages of Alsym Energy’s batteries is their versatility in terms of discharge durations, ranging from four to 100 hours. This makes them suitable for short, medium, and long-duration storage needs. Additionally, all the materials used in the batteries are non-flammable and non-toxic, ensuring safety throughout the sourcing, manufacturing, application, and end-of-life processes.
The origins of Alsym Energy trace back to CEO Mukesh Chatter’s desire to make a significant impact on the lives of billions of people without access to electricity. Recognizing the limitations of existing battery technologies, Chatter sought to develop a battery with the performance of lithium-ion but at the cost of lead-acid batteries. With the help of like-minded experts, including professors Kripa Varanasi and Nikhil Koratkar, Alsym Energy was founded in 2015.
The safety concerns associated with lithium-ion batteries have been a driving factor behind the development of non-lithium alternatives. Lithium-ion batteries use flammable solvents and materials, posing a fire risk if damaged or mishandled. Alsym Energy’s non-lithium batteries eliminate these safety concerns, making them safer for various applications. Moreover, non-lithium batteries have a more diverse supply chain, reducing reliance on limited raw materials and refining capacity.
The global shift towards renewable energy sources necessitates the development of reliable energy storage systems. Alsym Energy’s first product, Alsym Green, offers higher system-level energy density than other non-flammable battery chemistries, making it an ideal solution for stationary and grid storage. The company also plans to introduce products targeting the marine, two-wheeler, three-wheeler, and passenger vehicle markets.
The recent funding round represents a significant endorsement of Alsym Energy’s approach to developing high-performance, low-cost, and safe battery chemistries. The company aims to accelerate its development process, increase its capacity to provide samples to customers, and bring its first product to market quickly.
As the clean energy transition gains momentum, battery storage systems play a crucial role in ensuring reliable power supply. Alsym Energy’s batteries offer a cost-effective and safe solution for various applications in different climates and environments. With strong support from investors and strategic partnerships, Alsym Energy is well-positioned to drive the adoption of non-lithium battery technologies and contribute to a more sustainable future worldwide.
Alsym Energy currently has 52 employees and has raised a total of $110 million in funding to date. The company’s progress in developing innovative battery technologies reflects the increasing interest in alternative solutions to address the limitations of lithium-ion batteries.