Torus, First Colony Mortgage team to produce clean energy communities
Torus, a South Salt Lake-based smart energy storage solution provider, and mortgage bank First Colony Mortgage (FCM) of Pleasant Grove have announced plans to develop what they hope will be Utah’s largest residential clean energy community. The two companies have signed a letter of understanding to partner in making sustainable homes available to 650 buyers in planned communities across the state. The homes will feature advanced solar and battery storage systems.
The partnership combines innovative energy technology with streamlined mortgage financing to make sustainable living more accessible to homebuyers, the firms said in a release.
The Torus Neighborhood program, planned for each community, introduces a hybrid energy model that combines individual home battery systems with community-scale infrastructure. Each home will be equipped with a Torus battery and solar system while sharing access to a centralized solar array and utility-scale storage facility. This approach, available exclusively through approved residential developments, delivers significantly lower costs than traditional individual solar installations while providing improved grid stability and energy independence, Torus said.
“Working in partnership with Rocky Mountain Power’s Wattsmart battery program, these communities will serve as a model for grid modernization in Utah. The program demonstrates how utilities, technology providers and financial institutions can collaborate to accelerate the adoption of sustainable energy solutions while maintaining grid reliability,” according to the release.
“This partnership marks a pivotal moment in our mission to transform how communities generate, store and share energy,” said Nate Walkingshaw, Torus CEO and co-founder. “By combining our innovative energy technology with First Colony’s extensive builder relationships and mortgage expertise, we’re creating new opportunities for homeowners to own their power while contributing to a more resilient energy grid.”
“For nearly 40 years, First Colony Mortgage has been committed to making homeownership accessible to more Americans,” said Corey Shelley, owner and chairman of First Colony Mortgage. “This partnership with Torus represents the next evolution of that commitment. By working closely with our extensive network of builders, we’re not just financing homes. We’re helping create sustainable communities that offer homeowners true energy independence and long-term value.”
The partnership delivers significant financial advantages for homebuyers through streamlined financing options that integrate energy infrastructure costs into traditional mortgages, Shelley said. Participants benefit from reduced installation and maintenance costs through economies of scale, while qualifying for local and federal clean energy incentives, including the Wattsmart battery program.
“Our collaboration with Torus represents a unique convergence of award-winning technology and mortgage banking expertise,” said Carine Clark, CEO of FCM. “Through our longstanding builder partnerships, we’re making it easier for homeowners to move into homes that are ready for the future of energy. This initiative demonstrates Utah’s leadership in bringing innovative energy solutions to homeowners while working alongside traditional power providers to improve grid reliability and consumer choice.”
Torus builds smart, secure mini power plants providing energy storage, management, security and generation for utility companies, commercial and industrial buildings, data centers and defense facilities. The Torus Nova Spin flywheel energy storage system was recently recognized in Time magazine’s Best Inventions of 2024 list.
Founded in 1984, First Colony Mortgage Corp. offers lending services, including processing, underwriting, funding and closing mortgage loans through branches in six states. Their team of in-house mortgage professionals focuses on efficient and quick loan processing.