Are you looking to showcase your brand in front of the gaming industry’s top leaders? Learn more about GamesBeat Summit sponsorship opportunities here.
Alsym Energy has secured $78 million in funding to develop batteries that do not rely on lithium or other materials causing supply chain issues.
Tata Limited, a subsidiary of Tata Sons, and global venture capital firm General Catalyst led the funding round.
Located in Woburn, Massachusetts, Alsym Energy is working on advanced non-flammable rechargeable batteries for stationary storage, marine, and mobility applications. Thrive Capital from New York, Thomvest from Toronto, and existing investor Drads Capital also participated in the round.
The funding will be used by Alsym to expand its team in the Boston area, enhance its prototyping and pilot lines, and meet the growing demand for customer samples. This funding from strategic investors and venture capital firms underscores the rising interest in high-performance, cost-effective non-flammable battery technologies.
GB Event
GamesBeat Summit Call for Speakers
We’re thrilled to open our call for speakers to our flagship event, GamesBeat Summit 2024 hosted in Los Angeles, where we will explore the theme of “Resilience and Adaption”.
Apply to speak here
How it could improve batteries
Alsym utilizes an aqueous metal oxide battery which functions similarly to lithium-ion but with different materials. The company’s technology page includes diagrams for visual explanations.
Alsym’s batteries are specifically designed for grid storage applications, especially in urban areas, offering a blend of energy density, cost-effectiveness, and safety. This initial focus area aligns with the growing demand for such solutions. Alsym’s batteries can support discharge durations ranging from four to 100 hours, providing a versatile storage solution for various durations.
The company primarily sources materials from the U.S. with additional suppliers from Europe and Japan. All battery materials are inherently non-flammable and non-toxic, ensuring safety throughout the sourcing, manufacturing, application, and disposal processes.
Hence, Alsym’s battery technology is positioned as a better solution for marine applications due to its aqueous nature, as well as for two-wheeler applications, reducing the dependence on expensive BMS and cooling systems in mobility and stationary storage applications.
Origins
About ten years ago, Mukesh Chatter, CEO and serial entrepreneur, along with his wife, decided to leverage their resources to impact at least a billion people globally. At that time, nearly two billion people lacked regular access to electricity, hindering poverty alleviation efforts and necessitating the use of fuels like kerosene for lighting.
While solar panels were prevalent, storage options were limited to toxic lead-acid batteries or costly lithium-ion ones. Recognizing the need for a cost-effective, non-flammable, non-toxic battery with the performance of lithium-ion, Chatter, along with professors Kripa Varanasi and Nikhil Koratkar, founded Alsym Energy in April 2015, later joined by Rahul Mukherjee as a fourth co-founder.
After years of development, the team successfully developed a novel battery chemistry meeting their initial criteria and surpassing expectations, poised to cater to various applications beyond lighting homes. Alsym Green, the first product for stationary storage, is now ready for automated scaling, with future product lines targeting marine and mobility sectors.
The battery safety challenge
Lithium-ion technology has dominated the battery market with its high energy storage capacity but poses certain risks. Battery cells use flammable solvents and materials that can lead to thermal runaway, a hazardous situation causing fires and gas emissions when batteries are damaged or improperly handled. This has resulted in incidents of structure fires in urban areas and poses risks for various applications including stationary storage.
Non-lithium batteries offer a safer alternative, eliminating the flammability risks associated with lithium-ion batteries. Additionally, non-lithium batteries ensure a diverse and robust supply chain, reducing dependency on select materials sourced from specific regions.
Cost and supply challenges
Besides safety concerns, the lithium-ion battery value chain faces supply chain limitations due to dependencies on specific countries and materials. Non-lithium batteries offer a solution to diversify the battery supply chain, reducing the risks associated with lithium-ion’s centralized dependencies.
Non-lithium batteries are not only safer but also offer more flexibility in material sourcing, enabling countries to support domestic battery industries without reliance on external suppliers. These batteries find applications in various sectors, including transportation, industrial, and stationary storage, offering a reliable and affordable alternative.
Favorable trends
The energy sector is transitioning to renewable sources, necessitating reliable battery energy storage systems for grid stability. Alsym’s Alsym Green product offers higher system-level energy density than other non-flammable, non-lithium batteries, catering to grid storage requirements.
Alsym Green stands out for its ability to operate at elevated temperatures, making it suitable for situations where fire risks rise with higher temperatures. The company’s continuous innovation aligns with the accelerating clean energy transition, offering versatile, cost-effective, and safe battery solutions for a variety of applications.
As Alsym Energy continues its development, industry leaders, investors, and strategic partnerships express confidence in the company’s innovative battery technologies, endorsing its potential to drive sustainable energy alternatives globally.
With a focus on safety, performance, and sustainability, Alsym Energy is poised to revolutionize the energy storage industry, offering reliable and environmentally friendly solutions for diverse applications.
General Catalyst, Tata, and other key investors recognize the significance of Alsym’s approach in reshaping the battery landscape and supporting the global transition towards clean and sustainable energy sources. The funding and partnerships reflect a shared vision for a greener, safer, and more resilient future.
