Companies · Other Energy

XL Batteries, Inc.

MARLBOROUGH · Other Energy

Diligence memoA one-page analyst read on XL Batteries, Inc. — recommendation, valuation, rhythm, risks.
$23.2M
Total raised · real
3
Rounds
1.5×
Latest step-up
Top 19%
Sector rank · raised
Series A
Latest stage · inferred · Wed Aug 06 2025 00:00:00 GMT+0000 (Coordinated Universal Time)

XL Batteries, Inc. looks fair against its niche peers and is active on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the energy sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Fair
  • Modeled value is 1.14× the median modeled value of Series A Other Energy companies in 2025–2027 (43 peers) — value vs value, same stage and era.
  • Within the normal band (114% of peer median) for its niche.
Active
  • Last raise 11 mo ago; this sector typically re-raises about every 12 months.
  • Raising on or ahead of the sector's normal rhythm.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Other Energy

XL Batteries, Inc. is one of 2049 Other Energy companies tracked from MARLBOROUGH. By capital raised it ranks in the upper tier (ahead of 82% of sector peers), and mid-pack by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
1
Investors (latest)
2025-08-06
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$13M$25M$38M$50MSeries A · 2022-08-24 Raised $8.0M (real) Modeled valuation $50M (est)$8.0M$50MSeries A2022Series A · 2024-04-22 Raised $7.7M (real) Modeled valuation $31M (est)$7.7M$31MSeries A2024Series A · 2024-04-22 Raised $5.0M (real) Modeled valuation $20M (est)$5.0M$20MSeries A2024Series A · 2025-08-06 Raised $7.5M (real) Modeled valuation $22M (est)$7.5M$22MSeries A2025+$7.7M+$5.0M+$7.5MCumulative $28M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Series A$8.0M · 2022
Series A extension$7.7M · 2024
Series A extension$5.0M · 2024
Series A extension$7.5M · 2025

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 33%.

Modeled valuation trajectory
$22.3M
Base estimate est.
$9.7M
Conservative case
$37.5M
Upside case
$34.1M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Aa $4.0M–$15M round). Valuation is modeled from stage benchmarks scaled by the energy sector profile. Directional, not a quoted figure.

Series A · modeled $49.6M · 2022-08-242022Series A · modeled $31.5M · 2024-04-22Series A · modeled $20.5M · 2024-04-22Series A · modeled $22.3M · 2025-08-062025
Model inputs · modeled:benchmark-stage-stepup-v1
22%
Dilution assumption
Implied ownership sold in the financing.
52%
Survival probability
28% low · 71% high
1.28×/yr
Annual markup
1.61×/yr upside case
0.9 yr
Elapsed time used
0.9 yr actual, capped for stale marks
energy
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
12 mo
Avg between rounds
$7.9M/yr
Capital velocity
3.9 yr
On record since
2022
First round
4
Rounds on file
How it compares to the market

Benchmarked against 2049 companies in Other Energy. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 6.8× above median
This company$23.2M
Sector median$3.4M
Latest round — vs other Series A rounds in sector (real $, this stage) 1.4× above median
This company$7.5M
Sector median$5.5M
Modeled value — vs sector median (estimate, all stages) 1.3× above median
This company$22.3M
Sector median$17.0M

Raised more than 82% of sector peers (real $). Modeled value above 55% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series A) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #16 of 43.

This companyCohort peer
$10.0M$100.0M$1.0M$10.0M$100.0MCapital raised (log)Industrial Biomass Group LLC · Series A Raised $15.0M · modeled $49.0M (est)Hixwood CFS Partners, LLC · Series A Raised $12.6M · modeled $43.1M (est)Endolith Inc. · Series A Raised $19.2M · modeled $38.9M (est)Sora Fuel Corp · Series A Raised $15.2M · modeled $37.3M (est)Sapphire Technologies, Inc. · Series A Raised $37.5M · modeled $36.5M (est)Otovo ASA · Series A Raised $14.0M · modeled $36.1M (est)Helius Minerals Ltd · Series A Raised $11.3M · modeled $29.6M (est)Orenda, Inc. · Series A Raised $11.6M · modeled $27.2M (est)IsoEnergy Ltd. · Series A Raised $12.7M · modeled $26.8M (est)Fractal Power Inc. · Series A Raised $9.8M · modeled $26.0M (est)Shadow Power, Inc. · Series A Raised $7.3M · modeled $24.6M (est)Libertystream Infrastructure Partners Inc. · Series A Raised $16.4M · modeled $24.1M (est)XL Batteries, Inc. (this company) Raised $23.2M · modeled $22.3M (est)XL Batteries, Inc.
CompanyStageRaised · realValue · estvs peer med.
Industrial Biomass Group LLCSeries A$15.0M$49.0M2.50×
Hixwood CFS Partners, LLCSeries A$12.6M$43.1M2.20×
Endolith Inc.Series A$19.2M$38.9M1.98×
Sora Fuel CorpSeries A$15.2M$37.3M1.90×
Sapphire Technologies, Inc.Series A$37.5M$36.5M1.86×
Otovo ASASeries A$14.0M$36.1M1.84×
Helius Minerals LtdSeries A$11.3M$29.6M1.51×
Orenda, Inc.Series A$11.6M$27.2M1.39×
IsoEnergy Ltd.Series A$12.7M$26.8M1.37×
Fractal Power Inc.Series A$9.8M$26.0M1.33×
Shadow Power, Inc.Series A$7.3M$24.6M1.26×
Libertystream Infrastructure Partners Inc.Series A$16.4M$24.1M1.23×
XL Batteries, Inc. this companySeries A$23.2M$22.3M1.14×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Series A$8.0M2022-08-24$36.4M$49.6M90%
Series A$7.7M2024-04-22$34.9M$31.5M90%
Series A$5.0M2024-04-22$22.7M$20.5M90%
Series A$7.5M2025-08-06$34.1M$22.3M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Series A$8.0M2022-08-24
    • First recorded raise — entered as Series A.
    • 13 investors on this round.
  2. Series A$7.7M2024-04-22
    • Raised again after 20 mo — slower than the ~12 mo sector norm.
    • Round roughly the size of the prior one.
    • 27 investors on this round.
  3. Series A$5.0M2024-04-22
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.5× smaller than the prior — bridge or down round.
    • 15 investors on this round.
  4. Series A$7.5M2025-08-06
    • Raised 15 mo later, in step with the ~12 mo sector norm.
    • Round 1.5× larger than the prior — scaling up.
    • 1 investor on this round.
Intelligence
2026 ~Q3
Modeled next raise · ~12mo cadence
$11.3M
Modeled next size est.range $7.5M$18.0M
1.5×
Last step-up
$7.9M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Jeffrey Smith10 other2024-04
Saif Qazi3 other2022-08
Colin Nuckolls2022-08
Jeffrey Schwarz2022-08
Thomas Sisto2022-08
Registry & provenance

XL Batteries, Inc. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1944231
SEC CIK
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Linova Energy Inc.Other EnergySeries A$14.7M$10.8Mnetwork1 shared operator · same sector · same stage
Arista Power, Inc.Other EnergySeries A$22.6M$15.9Msame sector · same stage
Fermata, LLCOther EnergySeries A$22.6M$28.9Msame sector · same stage
Solar Power Partners IncOther EnergySeries A$22.5M$31.7Msame sector · same stage
Nevada Geothermal Power IncOther EnergySeries A$22.2M$16.0Msame sector · same stage
Tgs AsaOther EnergySeries A$24.4M$14.9Msame sector · same stage
Found Energy CoOther EnergySeries A$22.0M$17.3Msame sector · same stage
Liquid Light, Inc.Other EnergySeries A$26.7M$27.2Msame sector · same stage
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Xl Hybrids IncOther EnergySeries B$258.0M89%
X-Energy Management, LLCOther EnergySeries B$100.3M85%
Nextech Batteries, Inc.Other EnergyPre-Seed$16.1M85%
Barrell Lithium, LLCOther EnergySeed$4.2M83%
Lsc Lithium Inc.Other EnergySeries A$29.9M82%
Stored Energy, Inc.Other EnergyPre-Seed$3.3M82%
Energy Intelligence, Inc.Other EnergyPre-Seed$2.3M82%
Xcimer Energy, Inc.Other EnergyPre-Seed$2.4M82%
Frequently asked
How much funding has XL Batteries, Inc. raised?
XL Batteries, Inc. has raised approximately $23.2M in disclosed capital across 3 recorded financing rounds, aggregated from public filings.
What is XL Batteries, Inc.'s estimated valuation?
Provath's modeled valuation for XL Batteries, Inc. is approximately $22.3M (modeled range $9.7M–$37.5M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is XL Batteries, Inc. at?
XL Batteries, Inc.'s latest modeled financing stage is Series A. Its most recent recorded round closed around Wed Aug 06.
What does XL Batteries, Inc. do and where is it based?
XL Batteries, Inc. operates in the Other Energy sector, based in MARLBOROUGH.
Explore related

See where XL Batteries, Inc. sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

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