Voya Energy raises $35 million for aluminum-based energy systems

Voya Energy, a California-based clean technology startup, has secured $35 million in a Series A funding round to advance its aluminum-based metal-fuel energy systems. The investment round was led by Energy Impact Partners, with participation from several institutional investors including John Doerr, Mantis VC, StepStone, Founders Fund, Overmatch, and Seven Stars.

The company’s technology utilizes a low-temperature electrochemical process to convert aluminum fuel into electricity without combustion or air emissions at the point of use. Voya intends to produce fuel from low-grade scrap aluminum. The system is designed to be highly compact; a standard 20-foot container can generate up to 2 MW, and at scale, the system aims to provide 100 MW of generation capacity and 10 GWh of stored energy per acre.

Voya Energy is targeting large electricity users, such as data centers and industrial operators, who face challenges regarding grid access, permitting, or fuel logistics. The company plans to begin initial deployments and pilot projects in 2027, with a focus on manufacturing scale-up in 2028.