Torus announced some milestones, including completing an equity fundraising round and expanding its Board of Directors. This $67 million financing round (in the form of conversion of outstanding notes and a loan facility) was led by Origin Ventures. The financing also features contributions from notable institutional investors, including Epic Ventures, Cumming Capital, the Larry H. Miller Company, Zions Bank, Pelion, and ICONIQ.
Torus is a modern global energy solutions company that designs, engineers, and manufactures energy storage and management products for the residential, commercial, and large-scale utility sectors. The company aims to empower communities and individuals to become their renewable energy providers by making clean, renewable energy storage and management products accessible.
Torus plans to use the funding to deepen its energy solutions portfolio in the commercial and large-scale utility sectors and bring additional talent to the Torus team.
Torus’ products include:
1.) Virtual Power Plant – Torus created a virtual power plant ecosystem that connects thousands of energy resources for efficient grid management, collecting extensive data for predictive analytics that enable customers to tap into demand response programs, energy arbitrage, and frequency regulation initiatives. And Torus is working with the nation’s leading virtual power plant program run by Rocky Mountain Power. The Wattsmart Battery program significantly influences unplanned and planned demand response programs, enhancing grid resilience in the western United States.
2.) Energy Management – Torus offers an advanced energy storage and management system designed, engineered, and manufactured in Utah. And the system integrates a sophisticated CPU design and utilizes AI with an enterprise software interface to manage agnostic hardware devices. This management system connects with third-party products like inverters, batteries, and EV chargers, creating an energy solution for all customer segments.
3.) Unified Customer Experience – Torus’ unified user experience empowers customers to personalize their energy settings by connecting to various renewable energy generation sources and energy storage solutions. And Torus integrates with multiple software-based energy products like thermostats, EV chargers, and Wi-Fi-connected appliances, culminating in an all-encompassing energy management operating system all accessible through a single and streamlined application.
4.) Energy Storage – Torus Flywheel energy storage differs from chemical batteries because it is 95% recyclable, unaffected by ambient temperature fluctuations, and has a 25-year service life.
And this enables the commercial or industrial sectors to sustain operations through short- and long-duration demand response profiles. Torus’ Flywheel can also supply excess power to a company’s facility or back to the grid, promoting sustainable community practices and expanding the grid’s resilience.
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. Their industry experience is expected to help guide Torus through its subsequent growth phases.
KEY QUOTES:
“We are thrilled to have Origin Ventures leading this equity financing. We continue to make significant technical strides in energy storage and management. 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 assist the commercial and utility sectors to physically expand and maintain resilience. This progress marks a major step towards a future where renewable energy storage and management is accessible for all.”
– Nate Walkingshaw, CEO and Founder of Torus
“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. 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.”
– David Bywater
“Torus offers reliable, scalable and secure solutions that can bring real change at all levels of the energy storage market. 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. The future and market outlook of Torus is bright!”
– Brent Hill, Managing Partner at Origin Ventures
