(Bloomberg) —
Energy storage company Torus Inc. raised $200 million in new funding to build a battery manufacturing facility and deploy backup power for utilities and data centers.
The investment from Magnetar Financial LLC into the Utah-based company is the latest round of funding for the renewable energy firm. Torus is preparing to open GigaOne, a 540,000-square-foot campus in South Salt Lake, where production capacity is expected to scale to more than one gigawatt within three years, according to a statement Tuesday. The company already has a plant in the state that can produce about 400 megawatts annually.
Utilities are increasingly adopting battery storage to support a boom in power demand driven by electrification in manufacturing and data center expansion. Backup power also helps bridge fluctuations on the grid to avoid disruptions. Torus uses a technology that combines flywheels — a fast-spinning wheel that creates bursts of energy — and batteries to keep the power flowing for longer. The combination helps the systems respond quickly to intermittent issues on the power grid, Chief Executive Officer Nate Walkingshaw said in an interview.
Torus expects its partnership with Magnetar to help bring in additional orders from data centers, Walkingshaw added. So far, the company has raised $300 million and is expanding an existing partnership with major grid operator PacifiCorp to build up to 500 megawatts of its modular power plants to cover seven states, including Utah and Washington. Torus has also signed a letter of intent to supply power to Portland General Electric.
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