Energy Storage Industries – Asia Pacific (ESI), an iron flow battery manufacturer and energy storage project developer, has received a total investment of AU$65 million (~$40 million) in funding; AU$25 million (~$17 million) from the Queensland Government, and AU$40 million (~$23 million) of private capital from an undisclosed international firm.
With the investment, ESI will continue constructing a manufacturing facility in Maryborough, Queensland, Australia, where it will assemble long-duration iron flow battery systems.
Core components for these systems will be manufactured by ESS, a manufacturer of long-duration iron flow energy storage solutions, in the U.S. and shipped to ESI for system assembly. The finished systems assembled by ESI will be delivered to customers across the region.
ESI aims to meet the growing demand for energy storage and has targeted an annual system production capacity of 400 MW per year by 2029 using ESS technology. ESI has already deployed Iron flow systems at the Queensland University of Technology and by the state-owned Stanwell Corporation.
“This investment supports new technology and manufacturing jobs, creating more than 270 highly skilled jobs in regional Queensland,” said Deputy Premier, Treasurer and Minister for Trade and Investment Cameron Dick.
According to Mercom’s 1H and Q2 2024 Funding and M&A report for Energy Storage and Smart Grid, VC funding for Energy Storage companies in 1H 2024 came to $2.4 billion in 48 deals, a 37% decrease year-over-year compared to $3.8 billion in 43 deals in 1H 2023.
This month, Allegro Energy, a developer of aqueous-based redox flow battery energy storage solutions, closed A$17.5 million (~$11.6 million) in Series A funding. This funding round was led by global investment firm The Grantham Foundation and joined by Chicago-based early-stage tech investment firm Lightbank. Other investors participating in the round included Australia-based Origin Energy, Melt Ventures, and Impact Ventures.
