Xerox Ventures Announces Investment in XL Batteries23 February 2023
NORWALK, Conn., Feb. 23, 2023, — Xerox Ventures, the corporate venture capital fund of Xerox Holdings Corporation (NASDAQ: XRX), announced today its investment in XL Batteries, an energy storage battery company focused on long-duration, grid-scale storage. Xerox Ventures joined the $10M Seed-2 round led by Catalus Capital, with additional investment from SIP Global and existing investors Jeffrey Schwarz, Joel Greenblatt, and Robert Goldstein.
As energy grids across the globe increasingly onboard variable renewable energy (VRE) generation, there is a growing need for long-duration energy storage. XL Batteries addresses this through flow battery architecture combined with its proprietary chemistry, which is highly stable, pH neutral, and non-corrosive, providing a scalable, low-cost, and longer-duration storage alternative to existing stationary battery approaches. The company recently signed on its first pilot customer, Stolthaven Terminals, and will use this investment to further develop and deliver pilot units of their novel energy storage systems.
“At Xerox Ventures, we’re heavily focused on companies that empower businesses and consumers with sustainable solutions to increase energy and operating efficiency,” said Chris Fisher, managing partner of Xerox Ventures. “We’re proud to play a role in XL Batteries’ mission to expand their innovative flow battery technology, which supports the need for cost-effective and reliable energy storage solutions as energy systems shift towards renewable energy.”
“The majority of grid-scale batteries operating today are lithium-ion batteries, but the problem is they are not ideal for renewables integration, particularly at longer durations,” said Dr. Thomas Sisto, founder and CEO of XL Batteries. “Our flow batteries address the need for long-duration energy storage and the lowest levelized cost of storage. We’re excited for the partnership with Xerox Ventures as we look to drive today’s energy infrastructure toward a more sustainable future.”
About Xerox Ventures
Established in 2021 as the corporate venture capital fund for Xerox Holdings Corporation, Xerox Ventures invests in early and growth-stage startups that emphasize Connected Work, Empowered Businesses and Green Enterprise. The company’s mission is to accelerate disruptive change – whether that be through software, cleantech, the internet of things (IoT/IIoT), advanced manufacturing, fintech, cybersecurity, or other deeptech avenues (software or hardware). More than an investor, Xerox Ventures offers its portfolio companies access to customers, tech partnerships, R&D support, and Xerox’s own wealth of expertise at the intersection of digital and physical.
About XL Batteries
Spun out of Columbia University in 2019, XL Batteries is on a mission to enable the energy transition through long-duration energy storage. The company’s patented organic flow battery technology is highly stable, inexpensive and sustainable, enabling broader adoption of renewable energy and accelerating the decarbonization of energy infrastructures across the world. Combined with its proprietary chemistry, XL Batteries is creating a scalable solution to unlock the potential of renewables for a sustainable future. To learn more, visit xl-batteries.com.