Torus, a Utah-based energy storage solutions provider, has secured a $200 million investment from Magnetar, an alternative asset manager, to accelerate the deployment of its modular hybrid power plant solutions.
Torus’ technology is built around a hybrid model that combines the strengths of mechanical flywheels and advanced battery storage. Its two flagship products, Nova Spin and Nova Pulse, work in tandem. Nova Spin uses a motor-generator to spin a metal rotor, storing energy as kinetic energy, which can be rapidly released to cover spikes in electricity demand. Nova Pulse, based on lithium-iron phosphate battery systems, provides longer-duration storage and manages base-load discharge. Together, these systems enable fast response, high efficiency, and flexible operation for a range of energy applications.
The company is positioning its solutions to address surging electricity demand from data centers, driven by the growth of artificial intelligence and cloud computing. In addition, its systems are being deployed to support utilities, as well as commercial and industrial facilities.
“With this investment, we’re building the world’s first distributed utility — connecting small inertial power plants that deliver grid-scale performance at the edge,” said Nate Walkingshaw, CEO and co-founder of Torus. “Our technology has already been deployed more than 230 times this year with over 1GW of facility managed power, proving it’s no longer experimental but essential.”
The new funding will also fuel the expansion of GigaOne, Torus’ 540,000-square-foot manufacturing campus in Salt Lake City, which is designed to reach a production capacity of over 1 GW per quarter within three years.
Last year, Torus raised $67 million through equity and debt, led by Origin Ventures, to expand its portfolio and grow its team. With Magnetar’s backing, the company is now positioned to accelerate both deployment and manufacturing at scale.
According to Mercom’s 1H and Q2 2025 Funding and M&A for Energy Storage report, VC funding in the sector totaled $1.7 billion across 36 deals, down 29% compared to the previous year. In contrast, energy storage company Lyten has also raised $200 million in July to advance lithium-sulfur battery technology and expand across the U.S. and Europe.
