Marlborough energy storage firm raises $7.5M for expansion plan
Rendering | Courtesy of XL Batteries
XL Batteries seeks to be once a major player in the energy storage industry
XL Batteries, an energy storage company based in Marlborough, has received $7.5 million in investment from Merrin Investors, a New York-based firm founded by entrepreneur and philanthropist Seth Merrin.
The investment will assist XL Batteries as it seeks to capture a share of the long-duration energy storage technology, which allows power to be stored until it is needed. This technology can allow for wider use of renewable energy like wind and solar and provide critical backup power to the grid in times of emergency, according to the website for the U.S. Department of Energy.
XL Batteries is looking to expand its presence in the marketplace for cost-effective, long-duration batteries, having signed a strategic partnership with Wyoming-based Prometheus Hyperscale to utilize its technology at data center campuses, according to a Wednesday press release announcing Merrin’s investment.
“This investment from Merrin Investors underscores that XL Batteries is built to thrive in today’s environment,” Tom Sisto, co-founder and CEO of XL Batteries, said in the press release. “Over the past several months, XL has hit several key milestones that prove our technology is effective. Now, with Merrin’s support, we are bringing the next generation of safe, cost-effective, long-duration batteries to market at a pace to meet growing demand.”
Seth Merrin is the founder and former CEO of Liquidnet Holdings, a marketplace facilitating institutional equities trading.
“I’m thrilled to back XL Batteries because they are rewriting the rules of industrial-scale storage,” Merrin said in the press release. “Its breakthrough, non-flammable technology delivers lower cost, longer life, and greater safety than anything else on the market. This investment will help accelerate the company’s ability to lead a trillion-dollar market while supporting the clean-energy transition — a perfect example of doing well by doing good.”
Michael Rubino, an executive who has previously taken three companies public, joined XL Batteries in May as CFO.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
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