Torus, a Utah-based energy storage solutions provider, has secured $67 million in new equity, conversion of outstanding notes, and a loan facility. Origin Ventures, a venture capital firm, led the fundraising round.
Furthermore, the financing round saw contributions from institutional investors such as Epic Ventures, Cumming Capital, the Larry H. Miller Company, Zions Bank, Pelion, and ICONIQ.
Torus is involved in the design, engineering, and manufacturing of energy storage and management products for the residential, commercial, and large-scale utility sectors. The company plans to use these funds to deepen its energy solutions portfolio in the commercial and large-scale utility sectors and grow the team.
“We are thrilled to have Origin Ventures leading this equity financing. We continue to make significant technical strides in energy storage and management. Our strategic partnerships with industry giants like the Rocky Mountain Power ‘Wattsmart’’ program and our relationship with Vivint Smart Home, alongside financing allies Sungage and Banterra Bank, are empowering communities to embrace energy storage. This will assist the commercial and utility sectors to physically expand and maintain resilience. ,” said Nate Walkingshaw, CEO and Founder of Torus.
The company added two new board members, including David Bywater, a former CEO of Vivint Smart Home and Vivint Solar, and Brent Hill, Managing Director at Origin Ventures.
According to Mercom’s Annual and Q4 2023 Funding and M&A Report for Storage & Smart Grid, Venture capital (VC/PE) funding in Energy Storage in 2023 was the highest ever recorded, increasing 59% year-over-year (YoY), with $9.2 billion in 86 deals compared to the $5.8 billion raised in 96 deals in 2022.
In a recent deal, Energy Storage developer Lightshift Energy (formerly Delorean Power) secured $100 million from Greenbacker Capital Management (GCM), a renewable energy asset manager. Of the total funds secured, $20 million originated from a GCM-affiliated investment vehicle focused on equity investments in sustainable infrastructure development platforms.
