Alsym Energy raises $78M to make batteries that don’t use lithium

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Alsym Energy has raised $78 million to make batteries that don’t use lithium or other materials that result in supply problems or high costs.

Tata Limited, a division of Tata Sons, and global venture capital firm General Catalyst led the round.

Based in Woburn, Massachusetts, Alsym Energy is developing next-generation non-flammable rechargeable batteries for stationary storage, marine and mobility applications. New York-based Thrive Capital and Toronto-based Thomvest also joined in the round, as well as existing investor Drads Capital.

Alsym will use the funds to grow its Boston-area team and expand its prototyping and pilot lines to address increasing demand for customer samples. This funding from strategic investors and venture capital firms highlights the growing interest in high-performance, inexpensive non-flammable battery technologies.

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