Alsym Energy, a battery company based in Woburn, has announced a $78 million funding round led by Tata Limited and General Catalyst. Since renewable energy sources like wind and solar are intermittent, Alsym provides battery energy storage systems as a backup measure for when these plants go offline.
Alsym develops non-flammable rechargeable batteries for various applications such as stationary storage, maritime shipping and electric vehicles. Its battery chemistry, called Alsym Green, is free of lithium and cobalt and offers higher system-level energy density than other similar battery chemistries. The company aims to provide wide-duration storage with performance comparable to lithium-ion at a lower cost.
Alsym will use its new funding to expand its manufacturing capabilities, expedite product development and grow its Boston-area team. The investment will also help expand prototyping and pilot lines to meet the increasing demand for customer samples.
