A New Spin on Energy Storage: Origin Ventures Invests in Torus
With 15% of U.S. power generation now coming from intermittent renewable sources - dependent on sunshine and wind - pairing energy generation with energy storage improves availability and access. Currently, less than 20% of commercial solar projects are paired with storage, a figure that is expected to increase over the next decade - fueled by technology innovation and incentives provided through the Infrastructure Act.
At the same time, electricity demand is expected to increase by 1.5% per year over the next several years - driven by data centers and the demands of artificial intelligence, backup power systems, electric vehicles, heat pumps, and other energy-saving electric appliances.
Origin Ventures is pleased to announce its investment in Torus - an energy storage and management company focused on building efficient, secure energy storage solutions. The firm led a $67M Series A financing that included participation from Epic Ventures, Cumming Capital, The Larry H. Miller Company, Zions Bank, Pelion, ICONIQ, and Remarkable Ventures.
Torus also recently announced a commercial agreement with Gardner Group. Torus will place Torus Stations producing nearly 26 megawatt hours (MWh) across Gardner’s commercial real estate portfolio - producing enough electricity for 1,000 homes. Just 4.5% of the 5.9 million commercial buildings in the U.S. have solar installed. It is estimated that commercial rooftops at 600,000 sites offer 145 GW of energy production - enough to power 28 million homes.
Torus is an investment in our electrification theme. As longtime investors in the Digital Native Economy, we recognize that Millennials and Gen Z index high on their interest in sustainability and decarbonization. Torus, meanwhile, is good for all generations.
David Bywater - the former CEO of both Vivint Solar (acquired by SunRun) and Vivint Smart Home (acquired by NRG ) - has joined the Board of Directors, while former Rocky Mountain Power CEO Gary Hoogeveen has joined the Advisory Board.
Torus products and services are designed to reduce energy costs, provide reliable and flexible backup power, and manage energy as a monetizable asset. The portfolio includes:
· Virtual Power Plant (VPP) – Torus connects energy resources with a hardware and software ecosystem to enable demand response, energy arbitrage, and frequency regulation
· Energy Storage – Torus provides energy storage products including large-scale Battery Energy Storage Systems (BESS); a proprietary Flywheel Energy Storage System (FESS) offering temperature resilience and a 25-year lifespan; and configurations for a variety of commercial customer segments and EV charging infrastructure. Use cases include always-on emergency backup, bill reduction, and high quality power for sensitive equipment.
· Energy Management – Torus offers a sophisticated storage management system that integrates storage products with third-party devices like inverters, EV chargers, and thermostats. Torus has best-in-class cyber security across its hardware and software portfolio.
Torus was co-founded by Nate Walkingshaw and Gilbert Lee, two former executives at Pluralsight – a software developer that went public in 2018 with a market cap of $3.3B. Walkingshaw also previously developed a medical device company acquired by Stryker in 2009.
The executive team includes experts in residential and commercial energy, industrial design, supply chain, manufacturing, and software development from previous employers such as SpaceX, Philips, Sonos, Northrop Grumman, Stryker, IEA, AWS, and Goal Zero.
The company recently held an open house at its new 44,000 SF manufacturing facility. The program included remarks from Walkingshaw, Utah Governor Spencer Cox, and Cherie Wood – the Mayor of South Salt Lake City. Over 400 guests and business partners were in attendance.
Torus plans to use proceeds from the new financing to deepen its commercial energy solutions portfolio, and add critical talent to its team.
