Torus Secures $67 Million in Venture Financing to Advance Energy Storage and Energy Management Platform
Summary
SOUTH SALT LAKE CITY, Utah, April 03, 2024--(BUSINESS WIRE)--Torus, Inc. today announced a significant milestone in its journey: the successful completion of an equity fundraising round and the expansion of its Board of Directors.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 companys mission is to empower communities and individuals to become their own renewable energy providers, thereby making clean, renewable energy storage and management products accessible to all.This financing round, totaling $67 million in new equity, conversion of outstanding notes, and a loan facility, was led by Origin Ventures, a venture capital firm known for supporting disruptive software and hardware companies powering the Digital Native economy. 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. The Torus Flywheel can also supply excess power to a companys facility or back to the grid, promoting sustainable community practices and expanding the grids resilience.To add to this momentum, Torus welcomed two new board members: David Bywater, former CEO of Vivint Smart Home and Vivint Solar, and Brent Hill, Managing Director at Origin Ventures. "Brent Hill, Managing Partner at Origin Ventures, remarked, "Torus offers reliable, scalable and secure solutions that can bring real change at all levels of the energy storage market.