Power and energy specialist Torus has announced a significant milestone toward the company’s efforts in energy management and storage categories. The company has completed a successful equity fundraising round totaling $67 million and expanded its Board of Directors.
Based in Utah, Torus is a global energy solutions company that designs, engineers, and manufactures energy storage and management products for the residential, commercial, and large-scale utility sectors.
Torus Fundraising Engages Multiple Investors
The company explains that it plans to deepen its energy solutions portfolio in the commercial and large-scale utility sectors as well as add important talent to the team.
This financing round in new equity, conversion of outstanding notes, and a loan facility, was led by Origin Ventures, a venture capital firm known for supporting software and hardware companies powering the “Digital Native” economy, Torus reports.
The financing also received contributions from investors including Epic Ventures, Cumming Capital, the Larry H. Miller Company, Zions Bank, Pelion and ICONIQ.
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“We are thrilled to have Origin Ventures leading this equity financing. We continue to make significant technical strides in energy storage and management,” says Nate Walkingshaw, CEO and founder of Torus.
“We at Torus are proud to be designing, engineering and manufacturing energy storage and management products here in the U.S. 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. This progress marks a major step towards a future where renewable energy is accessible for all.”
A Look at Torus’ Product Portfolio Overview
Right now, Torus delivers a wide swath of power and energy solutions.
Virtual Power Plant: This ecosystem links thousands of energy resources for efficient grid management, collecting extensive data for predictive analytics that enable customers to participate in demand response programs, energy arbitrage and frequency regulation initiatives. Torus is collaborating with the nation’s leading virtual power plant program run by Rocky Mountain Power. The “Wattssmart” program plays a key role in unplanned and planned demand response programs.
Energy Management: Torus’ energy storage and management system integrates CPU design and AI with an enterprise software interface to manage agnostic hardware devices. The management system connects with third-party products like inverters, batteries, and EV chargers.
Unified Customer Experience: Customers can personalize any of their energy settings by connecting to a range of renewable energy generation sources and energy storage solutions. Additionally, Torus integrates with software-based energy products such as thermostats, EV chargers and Wi-Fi-connected appliances, all accessible through a single, streamlined application.
Energy Storage: Torus Flywheel energy storage is 95% recyclable, unaffected by ambient temperature fluctuations, and provides a 25-year service life. This enables 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.
New Board Members Include Ex-Vivint CEO
Torus welcomed two new board members: David Bywater, former CEO of Vivint Smart Home and Vivint Solar (Vivint and Torus announced an energy management partnership last year) and Brent Hill, Managing Director at Origin Ventures.
“Joining the board of Torus at this critical juncture is incredibly exciting. The potential of renewable energy storage to transform how we consume and manage energy is enormous,” Bywater states.
“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.”
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