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Tata Group invests in Boston-based non-lithium battery startup Alsym Energy

The Tata group has invested in non-lithium battery start-up Alsym Energy.

Tata Ltd, a wholly-owned subsidiary of Tata Sons, led investment in the Boston-based company's Series C funding round, that raised $78 million. Venture capital firms General Catalyst (based in Massachusetts) and New York-based Thrive Capital as well as Toronto, Canada-based Thomvest joined in the round, besides existing investor Drads Capital, Alsym announced earlier this month. 

Alsym develops batteries that offer an alternative to the prevailing lithium and cobalt chemistries, or what it refers to as "non-flammable battery technologies", which can be deployed for use in short, medium, and long-duration energy storage. 

"This funding round represents a significant vote of confidence in our approach to developing new, non-flammable battery chemistries that combine high performance and low cost with a high level of safety," the company said in a statement. 

Alsym said it would use the money to increase prototyping and piloting capacity for its first product, Alsym Green, this speeding up the product's timeline to get to the market. "With the ability to operate at elevated temperatures, Alsym Green is the only high-performance, non-flammable option suitable for stationary and grid storage in situations where the risk of fire increases as the mercury rises", the company claimed. 

Dr Kripa Varanasi, co-founder of Alsym Energy and professor of mechanical engineering at MIT, commented about the fund raise: "Alsym batteries are ideally suited to both temperate and warming climates, as well as infrastructure and industrial applications including data centres, steel mills and chemical plants. Our low-cost, non-toxic technology will help make decarbonization economically feasible." 

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