Torus Raises $500 Million, Launches Foundry

Salt Lake City-based energy-storage company Torus raised $500 million in a Magnetar-led financing and launched Foundry, a modular system that combines AI computing with power, cooling, networking and energy storage. Designed for AI inference, Foundry units can deliver 1 to 20 megawatts at existing businesses and factories, using available capacity on their grid connections rather than requiring new connections. Paired battery and flywheel storage helps manage demand peaks and provide backup power, while Torus says deployments can begin running workloads within 12 to 16 weeks. The funding will expand the company’s Salt Lake City manufacturing operation and support Foundry deployments across the United States; Hydra Host is among its first customers.