Voya Energy, a company that develops aluminum-based metal-fuel energy systems, has raised $35 million in a Series A funding round to support the commercial deployment of its energy system.

Energy Impact Partners led the round, with participation from John Doerr, Mantis VC, StepStone, Founders Fund, Overmatch, Seven Stars, and other institutional investors.

Founded in 2025, the California-based company develops aluminum-based metal-fuel energy systems that convert aluminum fuel into electricity through a low-temperature electrochemical process without combustion or air emissions at the point of use.

The company plans to use the funding for technology development, initial deployments in 2027, and manufacturing scale-up in 2028.

“America needs dramatically more electricity to power our industries, strengthen our communities, and support continued economic growth,” said John Doerr, founder at Doerr Capital and chair at Kleiner Perkins. “Meeting that demand requires new technologies that can deliver clean, firm power at speed and scale. Voya is taking a bold approach to that challenge, turning abundant aluminum into a practical source of 24/7 power wherever it is needed.”

Voya produces fuel from low-grade scrap aluminum, and its system can generate up to 2 MW from a standard 20-foot container. At scale, the system is designed to provide approximately 100 MW of generation capacity and 10 GWh of stored energy per acre.

This configuration would be approximately four times more compact than diesel generator fleets and 100 times more compact than grid-scale battery installations.

Voya is targeting data centers, industrial operators, and other large electricity users facing constraints related to grid access, permitting, or fuel logistics.

In March, Photoncycle, a hydrogen-based energy storage solutions provider, raised €15 million (~$17 million) in a Series A funding round led by NordicNinja, a Japan-backed venture capital fund in Europe, and Voima Ventures, a Nordic venture capital firm.

According to Mercom’s 1H 2026 Funding and M&A for Energy Storage report, venture capital funding for energy storage companies totaled $1.6 billion across 51 deals in 1H 2026, a 6% year-over-year decline compared to the $1.7 billion raised across 36 deals in 1H 2025.