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Alternative Assets  + Real Assets  |  April 3, 2024
Torus Raises $67M To Advance Energy Storage, Management Platform
Joe Palmisano
By: Joe Palmisano

Torus Raises $67M To Advance Energy Storage, Management Platform

Torus, Inc., a Utah-based renewable energy storage and management company, completed a $67 million equity fundraising round led by Origin Ventures. The round also included the conversion of outstanding notes and a loan facility.

Epic Ventures, Cumming Capital, the Larry H. Miller Company, Zions Bank, Pelion and ICONIQ also participated in the round.

Torus designs, engineers, and manufactures energy storage and management products for the residential, commercial and large-scale utility sectors.

“We at Torus are proud to be designing, engineering and manufacturing energy storage and management products here in the U.S.,” said Nate Walkingshaw, CEO and founder of Torus. “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.”

In addition to the fundraise, 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.

“The potential of renewable energy storage to transform how we consume and manage energy is enormous,” added Bywater. “We believe Torus is not just creating an innovative platform for renewable energy; it’s pioneering a monumental leap in scalable clean energy.”

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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