TLDR:
- Torus, Inc. secures $67 million in venture financing to advance energy storage and management platform.
- Financing round led by Origin Ventures and included contributions from other institutional investors.
Torus, Inc. has announced the successful completion of a significant equity fundraising round, securing $67 million in new equity, conversion of outstanding notes, and a loan facility. The financing was led by Origin Ventures, a venture capital firm known for supporting disruptive software and hardware companies. Other significant investors included Epic Ventures, Cumming Capital, the Larry H. Miller Company, Zions Bank, Pelion, and ICONIQ. Torus is a global energy solutions company that designs, engineers, and manufactures energy storage and management products for various sectors.
With this funding, Torus plans to expand its energy solutions portfolio in the commercial and large-scale utility sectors and enhance its team. The company’s products include a Virtual Power Plant ecosystem, advanced Energy Management systems, Unified Customer Experience platform, and innovative Energy Storage solutions like the Torus Flywheel™. Torus is also partnering with industry giants such as Rocky Mountain Power and Vivint Smart Home to empower communities to embrace renewable energy storage.
In addition to the funding, Torus also welcomed two new board members, David Bywater and Brent Hill, who bring significant industry experience to the company. David Bywater, former CEO of Vivint Smart Home, expressed excitement about the potential of renewable energy storage, while Brent Hill, Managing Director at Origin Ventures, highlighted the importance of domestic manufacturing of energy storage products.
Overall, Torus’s latest financing round and expansion of its Board of Directors mark a significant step towards making renewable energy storage and management accessible to all, while also contributing to grid resilience and sustainability efforts.
