Jolt Energy Storage, a company specializing in organic energy storage materials, has raised $4 million in Series A funding. The investors who participated in the round were not disclosed.
The funding will help the company speed up its prototype development, including field testing, design, and manufacturing processes, leading to the commercial scalability of its organic flow battery design. The company plans to complete its 3 kW, four-hour prototype by December 2025.
“Our organic energy storage materials will open new opportunities for domestic energy storage, combining exceptional long-life performance, environmental sustainability, and economic feasibility. We believe that energy storage is the key to unlocking the full potential of renewable energy. With this investment and the progress of our organic flow battery, Jolt is preparing our product to serve as a critical, long-duration storage component to our national power grid.” said Jack Johnson, COO of Jolt.
The company is focusing on replacing vanadium from the core material of Redox Flow Batteries with organic materials. According to the company, these organic materials do not rely on mined metals like vanadium or overseas supply chains for manufacturing, which can be harmful to the environment and economically unreliable. Replacing the material is expected to offer a higher voltage and energy density while reducing the cost per kilowatt hour compared to existing battery chemistries.
According to Mercom’s 9M and Q3 2024 Funding and M&A Report for Energy Storage and Smart Grid, VC funding for Energy Storage companies in 9M 2024 came to $2.7 billion in 61 deals, a 69% decrease year-over-year compared to $8.6 billion in 68 deals in 9M 2023.
In September, 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.
