XL Batteries, a New York-based energy storage battery company focused on long-duration, grid-scale storage, raised $10M in Seed-2 funding.
The round was led by Catalus Capital, with participation from Xerox Ventures, the corporate venture capital fund of Xerox Holdings Corporation (NASDAQ: XRX) and SIP Global and existing investors Jeffrey Schwarz, Joel Greenblatt, and Robert Goldstein.
The company intends to use the funds to accelerate growth, expand operations and its development efforts.
Led by Dr. Thomas Sisto, founder and CEO, XL Batteries provides patented organic flow battery technology, which enables broader adoption of renewable energy and accelerate the decarbonization of energy infrastructures across the world.
Spun out of Columbia University in 2019, the company recently signed on its first pilot customer, Stolthaven Terminals, to further develop and deliver pilot units of their novel energy storage systems.
