Magnetar Bets $200 Million on Torus Energy Storage Expansion

Energy storage company Torus Inc. raised $200 million in new funding to build a battery manufacturing facility and deploy backup power for utilities and data centers.

The investment from Magnetar Financial LLC into the Utah-based company is the latest round of funding for the renewable energy firm. Torus is preparing to open GigaOne, a 540,000-square-foot campus in South Salt Lake, where production capacity is expected to scale to more than one gigawatt within three years, according to a statement Tuesday. The company already has a plant in the state that can produce about 400 megawatts annually.