Voltfang, an energy storage solutions provider, has secured more than €8 million (~$8.7 million) in a Series A financing round, including €800,000 (~$877,000) in secured grants.
Dutch deep tech venture capital firm FORWARD.One led the oversubscribed funding round, with significant participation from Interzero. Existing investors, including PT1, AENU, Helen Ventures, Daphni, Aurum Impact (the family office of Goldbeck), and Maximilian Viessmann, also participated in the round.
The company plans to use the funding to expand its product offerings and advance its energy management system to increase battery efficiency, strengthening its market position for commercial/industrial and grid-scale applications.
“We are extremely pleased to have FORWARD.One and Interzero on board—two partners who not only bring financial commitments but also a deep understanding of our vision and mission,” says David Oudsandji, CEO and co-founder of Voltfang. “FORWARD.One’s focus on hardware and climate tech, as well as Interzero’s know-how in the circular economy, align perfectly with our goals. Our new investors’ respective expertise will be invaluable as we continue to innovate and lead in sustainable energy storage.”
The company uses requalified and tested electric vehicle (EV) batteries from European automotive partners as energy storage systems for commercial/industrial and grid-scale applications. According to Voltfang, these discarded or overproduced batteries usually have a residual capacity of at least 80% and are ideal for use in stationary storage systems.
According to Mercom’s recently released 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.
In April, Torus, an American energy storage solutions provider based in Utah, secured $67 million in new equity, conversion of outstanding notes, and a loan facility. Origin Ventures, a venture capital firm, led the fundraising round. The round also included contributions from institutional investors such as Epic Ventures, Cumming Capital, the Larry H. Miller Company, Zions Bank, Pelion, and ICONIQ.
