Cleantech startup Voya Energy announced its public launch, alongside the closing of a $13 million seed funding round to develop its new technology to produce carbon-free “metal fuels.”
Launched through a collaboration with founding investor Energy Impact Partners (EIP), California-based Voya is developing technology to convert recycled metals into powerful, safe, and durable fuel, enabling fast, flexible deployment of electricity without dependence on centralized grids or pipelines. According to the company, the new breakthrough technology will help to address the global demand for clean power, with a new pathway to deliver decarbonized, distributed energy.
The company’s founders include CEO Richard Wang, formerly CEO of battery technology company Cuberg, Chief Commercial Officer Matt Horton, formerly CEO of EV charging startup Voltera and EVP of Energy and Charging Solutions at Rivian, and Chief Technology Officer Steven Kaye, former CTO of energy storage technology company Our Next Energy.
Wang said:
“Our abundant electric future demands a radical new energy delivery system, one that isn’t limited by traditional grid infrastructure. At Voya, we’re harnessing the inherent power of metals and creating a new category of clean and reliable power generation systems that can deliver energy anywhere on Earth with unparalleled speed and flexibility.”
The seed funding round was led by EIP, and included participation from Founders Fund, 8090 Industries, Overmatch, IQT, Trust Ventures, Seven Stars, Liquid 2 Ventures, SV Angel and individual investors including Brian Janous, Sheldon Kimber and Peter Reinhardt.
Shayle Kann, Partner at Energy Impact Partners, said:
“Voya represents an entirely new approach to distributed energy generation, with the potential to solve some of the world’s most critical challenges. We are thrilled to back this exceptional team as they bring a suite of fundamentally new technologies to market.”
