Fundraising FoxXl Batteries
Marlborough, US · Founded 2019 · 2 known investors
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XL Batteries develops organic flow batteries for long-duration, grid-scale energy storage, aimed at improving grid resiliency and supporting decarbonization. Its technology targets utility and grid operators facing rising energy demand from data centers, manufacturing, and electrification.
Founders & leadership
Xl Batteries was founded in 2019 by Thomas Sisto, Saif Qazi, and Colin Nuckolls.
Board
Investors · 2
Reported raises · per SEC filings
Form D private placements$36.1M disclosed across 4 rounds · 2022–2026
▶$13MraisedJul 2026 · 32 investors · Other EnergyRule 506(b)
- Thomas SistoExecutive Officer, Director
- Jeffrey SmithDirector
- Jeffrey SchwarzDirector
- Colin NuckollsDirector
- Offering amount
- $25M
- Amount sold
- $13M
- First sale
- Jun 2026
- Incorporated
- Corporation, Delaware
- Federal exemptions
- 06b
▶$7.5MraisedAug 2025 · 1 investors · Other EnergyRule 506(b)
- Colin NuckollsDirector
- Jeffrey SmithDirector
- Jeffrey SchwarzDirector
- Saif QaziDirector
- Thomas SistoExecutive Officer, Director
- Offering amount
- $10M
- Amount sold
- $7.5M
- First sale
- Aug 2025
- Incorporated
- Corporation, Delaware
- Federal exemptions
- 06b
▶$7.7MraisedJul 2025 · 27 investors · Other EnergyRule 506(b)
- Jeffrey SchwarzDirector
- Thomas SistoExecutive Officer, Director
- Saif QaziDirector
- Jeffrey SmithDirector
- Colin NuckollsDirector
- Offering amount
- $7.7M
- Amount sold
- $7.7M
- First sale
- Apr 2024
- Incorporated
- Corporation, Delaware
- Federal exemptions
- 06b
▶$8MraisedSep 2022 · 13 investors · Other EnergyRule 506(b)
- Saif QaziDirector
- Thomas SistoExecutive Officer, Director
- Jeffrey SchwarzDirector
- Colin NuckollsDirector
- Offering amount
- $10M
- Amount sold
- $8M
- First sale
- Aug 2022
- Incorporated
- Corporation, Delaware, 2019
- Federal exemptions
- 06b
Source: SEC EDGAR Form D. Amounts as filed; amended filings shown once at their latest values.
Non-dilutive funding · 2 SBIR/STTR awards
Federal grants — no equity taken| Agency | Phase | Year | Amount |
|---|---|---|---|
| National Science Foundation | Phase II | 2023 | $997K |
| National Science Foundation | Phase I | 2020 | $224.2K |
Source: SBIR.gov award data (U.S. Small Business Administration). SBIR/STTR awards are competitive federal R&D grants and contracts — non-dilutive capital alongside any venture rounds above.
Frequently asked questions
- What does Xl Batteries do?
- XL Batteries develops organic flow batteries for long-duration, grid-scale energy storage, aimed at improving grid resiliency and supporting decarbonization. Its technology targets utility and grid operators facing rising energy demand from data centers, manufacturing, and electrification.
- Who founded Xl Batteries?
- Xl Batteries was founded by Thomas Sisto, Saif Qazi, Colin Nuckolls in 2019.
- Who are Xl Batteries's investors?
- Xl Batteries's investors include SIP Global Partners, Third Derivative.
- How much funding has Xl Batteries raised?
- Xl Batteries has disclosed $36.1M raised across 4 rounds.
- Where is Xl Batteries headquartered?
- Xl Batteries is headquartered in Marlborough, US.