Strategy & Finance Associate

Do you want to help build the world’s energy future? XL Batteries is an American energy technology company commercializing a next-generation, non-lithium / non-critical minerals energy storage system designed for data centers, utilities, and industrial customers. Our technology enables safe, low-cost, flexible duration energy storage that supports grid resilience and the rapidly growing power demands of AI, data centers, and electrification. XL is at an exciting inflection point – transitioning from pilots to first commercial deployments – and we are growing our high impact commercial team in our newly opened Boston office. Our work has been featured in publications including Bloomberg, the Financial Times, Utility Dive, Energy Storage News, Latitude, and others. The Role The Business Development and Strategy team at XL Batteries is seeking a Strategy & Finance Associate to support XL’s commercial, financial, and go-to-market efforts. You will work directly with the VP of Strategy & Business Development and act as the analytical backbone supporting:

• Customer proposals and pricing
• Capital raising and investor communications
• Financial and cost modeling
• Commercial analytics, CRM, and market intelligence

This role is ideal for someone with strong financial training who enjoys operating at the intersection of finance, strategy, technology, and commercial execution in a fast-moving startup environment.

Responsibilities

• Build, maintain, and iterate on 3-statement financial models and scenario analyses for current and future investors
• Develop project-level economics (pricing, margins, IRR, levelized costs, tolling structures) to support customer proposals for commercial deployments
• Partner with engineering and operations to build and refine system-level cost models
• Create customer-facing materials including ROI analyses and economic comparisons
• Support RFP / RFI responses and customer diligence requests
• Prepare investor decks and maintain diligence and data room materials
• Manage CRM, pipeline analytics, and target account lists
• Track competitors, markets, and comparable projects
• Help standardize commercial tools, templates, and reporting

Qualifications

• 2-5 years of experience in investment banking, management consulting, energy or infrastructure investing, energy / power markets, or related roles
• Understanding of U.S. power market fundamentals and dynamics
• Advanced Excel and PowerPoint skills; comfortable building financial models from scratch
• Passionate about energy, infrastructure, climate tech, or complex technical products
• Analytical, detail oriented, and intellectually curious
• Comfortable operating in an entrepreneurial, fast-paced environment; bias toward action and problem-solving

Compensation: Competitive salary + equity Location: Boston (Hybrid)