Woburn-based battery maker raises $78 million

Woburn-based battery maker raises $78 million

Woburn-based battery maker raises $78 million

By HIAWATHA BRAY

Woburn-based battery maker Alsym Energy has raised $78 million in Series C venture round led by India’s Tata Limited, along with General Catalyst Thrive Capital and Thomvest. That brings total investment in the company to $110 million. Alsym, cofounded by veteran entrepreneur Mukesh Chatter and Massachusetts Institute of Technology professor Kripa Varanasi, is developing rechargeable batteries that won’t be based on lithium or cobalt. The company hasn’t revealed details of the design but has said that it will use manganese oxide for one of its two electrodes, as well as a water-based electrolyte solution. The founders said they expect to build batteries that match the performance of today’s lithium-ion cells but at about half the cost. Alsym says it’s signed a deal to produce electric vehicle batteries for a major automaker in India but would not reveal which one.

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