Storage

Utah storage startup raises $67M, expands board

Utah storage startup raises $67M, expands board
The Torus app (Credit: Torus)

Torus, a global energy solutions company that designs, engineers, and manufactures energy storage and management products for the residential, commercial, and large-scale utility sectors, announced the successful completion of a $67 million equity fundraising round and the expansion of its board of directors.

This financing round, totaling $67 million in new equity, conversion of outstanding notes, and a loan facility, was led by Origin Ventures. The financing also saw contributions from institutional investors including Epic Ventures, Cumming Capital, the Larry H. Miller Company, Zions Bank, Pelion, and ICONIQ.

“We at Torus are proud to be designing, engineering, and manufacturing energy storage and management products here in the U.S.” said Nate Walkingshaw, CEO and Founder of Torus. “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 allow the commercial and utility sector to increase its resilience and expansion.”

The Torus product portfolio includes:

  • Virtual power plants: Torus’ virtual power plant ecosystem links thousands of energy resources for grid management, collecting data for predictive analytics meant to enable customers to participate in demand response programs, energy arbitrage, and frequency regulation initiatives. Torus is collaborating with the virtual power plant program run by Rocky Mountain Power.
  • Energy management: Torus provides an advanced energy storage and management system that allows users to manage agnostic hardware devices. The management system connects with various third-party products like inverters, batteries, and EV chargers.
  • “Unified” customer experience: Torus says its “unified” user experience enables customers to personalize any of their energy settings by connecting to a range of renewable energy generation sources and energy storage solutions. Additionally, Torus integrates with multiple software-based energy products like thermostats, EV chargers, and Wi-Fi-connected appliances.
  • Energy storage: Torus says its Flywheel energy storage is differentiated from chemical batteries because it is 95% recyclable, unaffected by ambient temperature fluctuations, and provides a 25-year service life. 
Torus’ commercial storage solutions (Credit: Torus)

Torus says it can enable the commercial or industrial sectors to sustain operations via short—and long-duration demand response profiles. The Torus Flywheel can also supply excess power to a company’s facility or back to the grid.

Torus also welcomed two new board members: David Bywater, former CEO of Vivint Smart Home and Vivint Solar, and Brent Hill, Managing Director at Origin Ventures.

“Joining the board of Torus at this critical juncture is incredibly exciting,” said David Bywater. “The potential of renewable energy storage to transform how we consume and manage energy is enormous. We believe Torus is not just creating an innovative platform for renewable energy; it’s pioneering a monumental leap in scalable clean energy. I look forward to contributing to the company’s success and helping to accelerate its impact on the renewable energy market.”

“Torus offers reliable, scalable, and secure solutions that can bring real change at all levels of the energy storage market,” said Brent Hill, Managing Partner at Origin Ventures. “We are most excited about domestic manufacturing and production of energy storage and management products here in the U.S. As a board member, I will work toward aligning the Torus vision to the pressing needs of an ever-expanding grid.”

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