VFlowTech, a manufacturer of vanadium-based redox flow batteries, has raised $10 million in a Series A funding round.
Japan-based venture capital firm Real Tech Holdings led the investment round with participation from returning investors, including SEEDS Capital, Wavemaker Partners, Sing Fuels, and new investors İnci Holding, Pappas Capital, and Carbon Zero Venture Capital.
Michael Gryseels (Chairman of VFlowTech) also participated in the funding round.
VFlowTech plans to use the new funds to set up a 200 MWh production line capacity, scale up the manufacturing of its 250 kWh modular vanadium-based long-duration energy storage solutions and expand into new markets such as Türkiye, the US, Japan, and India. The facility will manufacture 250 kWh systems. To date, the firm has deployed 30 kWh and 100 kWh units for residential applications and has completed producing an MWh system for large-scale microgrid applications.
“Advancements in renewable energy storage solutions will drive the acceleration of cleantech and help other industries come one step closer to meeting their sustainability goals,” said Dr. Avishek Kumar, Co-founder, and CEO of VFlowTech.
The company’s batteries have already been used in different parts of the world with joint partnerships in Africa and Southeast Asia. In the upcoming year, two of these batteries are scheduled to be installed in Singapore’s Pulau Ubin.
According to Mercom’s Annual And Q4 2022 Funding and M&A Report for Storage, Grid & Efficiency. VC funding for energy storage companies decreased by 34%, with $5.8 billion in 2022 compared to $8.8 billion in 2021.
Recently, Our Next Energy (ONE), an energy storage solutions company developing a hybrid system based on a cobalt-free battery and a lithium iron phosphate battery for EVs, closed its $300 million Series B funding round at a post-money valuation of $1.2 billion.