H2 Inc, a vanadium flow battery (VFB) developer and manufacturer, raised $16 million in a recent bridge funding finalized in the second half of 2024. The bridge funding brings the company’s total funding to $77 million.
The round was led by STIC Investments, a private equity firm in Korea, with participation from KRUN Ventures and Lighthouse Combined Investment.
The company plans to construct its new vanadium flow battery plant, K2, which is expected to produce triple the current capacity of its K1 Plant, which stands at 330 MWh per year. The K2 plant will increase H2 Inc.’s overall manufacturing capacity to 1.2 GWh annually.
The company plans to produce an EnerFLOW series of VFB products in this plant: The EnerFLOW 500 series, optimized for 4-hour energy storage applications, and the EnerFLOW 600 series, engineered for applications lasting 8 hours or more.
The plant will also produce the company’s modular flow battery model, EnerFLOW 640. The first units of this model are scheduled to be deployed in Spain’s 8.8 MWh VFB project, which the company secured last year, with installation planned for mid-2025.
“The successful bridge funding strongly validates H2’s commercial readiness in terms of product quality and mass production capability. The forthcoming K2 Plant will be a pivotal asset, enabling us to meet the growing global demand for sustainable long-duration energy storage solutions that enhance grid resilience and support renewable energy adoption,” said Dr. Shin Han, founder and CEO of H2.
According to Mercom’s Annual and Q4 2024 Funding and M&A Report for Energy Storage and Smart Grid announced debt and public market financing for Energy Storage companies in 2024 increased 65% YoY, with $16.2 billion in 32 deals compared to $9.8 billion in 34 deals in 2023.
Last year, Verkor, a manufacturer of lithium-based battery cells and modules, secured over €1.3 billion (~$1.41 billion) in green financing supported by 16 commercial and three public banks.
