VFlowTech, a manufacturer of vanadium-based redox flow batteries, has raised $20.5 million in a funding round led by Granite Asia, a venture capital firm.
New investors, including EDBI, MOL PLUS, and PSA Ventures, along with existing investors such as Antares Ventures, İnci Holding, UntroD Capital, Pappas Capital, Wavemaker Partners, SEEDS Capital, and Entrepreneurs First, participated in this funding round.
The company caters to the long-duration energy storage market with its vanadium redox flow battery (VRFB) systems. The funding raised will help the company scale up the manufacturing and deployment of its VRFBs, as well as develop critical supply chains, including vanadium recycling, electrolyte innovation, and membrane advancements.
“We are thrilled to welcome such a strong group of financial and strategic partners on this journey. This funding gives us the ability to take on larger projects, expand into new markets, and integrate cutting-edge digital intelligence into our energy storage solutions, making them not just storage systems, but revenue-generating assets,” said Dr. Arjun Bhattarai, Co-Founder of VFlowTech.
This funding will also help to accelerate expansion across Asia, the Middle East, and other global markets, strengthen its commercial team, and deepen its presence in key sectors, including utilities and grid-scale storage, renewable integration, and industrial decarbonization.
In 2023, the company raised $10 million in a Series A funding round, led by a Japan-based venture capital firm, Real Tech Holdings, with participation from returning investors, including SEEDS Capital, Wavemaker Partners, Sing Fuels, and new investors İnci Holding, Pappas Capital, and Carbon Zero Venture Capital.
According to Mercom’s recently released Q1 2025 Funding and M&A Report for Energy Storage, VC funding in the sector fell 8% year over year, with $1.1 billion raised in 18 deals, down from $1.2 billion raised in 23 deals during the same quarter last year.
Last Year, 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.
