VoltStorage, a developer and producer of energy storage systems based on redox flow technologies, received €24 million (~$24.4 million) in Series C financing from the U.S. company Cummins.
The capital will be used to develop new battery storage systems and grow the company. “With Cummins, VoltStorage gains a long-term oriented investor with a deep understanding of our products, the market, and the corporate strategy. This future-oriented investment will enable us to pursue VoltStorage’s product and company development with even greater energy. It is now undisputed: energy storage systems are crucial for converting the electric power supply to 100 percent renewables. With the newly acquired funding, VoltStorage will be able to provide the necessary technologies for this,” said VoltStorage CEO Jakob Bitner.
VoltStorage develops and produces commercial storage systems based on the particular ecological vanadium redox flow technology for commercial and agricultural enterprises. With the development of their iron salt technology, the company aims to set new standards in the field of long-duration energy storage and offer wind and solar farms a cost-effective and resource-saving option for ensuring base load capability.
Over the past five years, VoltStorage has already received funding from investors Korys, EIT InnoEnergy, Bayern Kapital, SOSV, Energie 360°, and Business Angels led by Matthias Willenbacher.
“Our Destination Zero strategy is integral to every technology, growth, business, and investment decision we make. We continue to make our products cleaner, and by investing in VoltStorage, we are taking steps to also make the grid and energy storage greener as well. It will take us all working together to address climate change and by continuing to invest in clean energy solutions we can have a positive impact on our communities, our customers, and future generations.”
The amount raised will go toward developing larger-scale redox flow storage systems for commercial and agricultural enterprises. In addition, product development of the iron salt technology will accelerate commercialization. VoltStorage also plans to expand its team significantly and further expand the company’s activities.
Recently, FlexGen Power Systems, a provider of integration services and software technology for energy storage solutions, announced the close of a $100 million Series C investment round. The funding was provided by Vitol, an energy trading company, in partnership with existing investors.
According to Mercom’s 1H and Q2 2022 Funding and M&A Report for Storage, Grid & Efficiency, Total corporate funding (including venture capital funding, public market, and debt financing) for Energy Storage, Smart Grid, and Efficiency companies in 1H 2022 was up significantly year-over-year (YoY) with $17 billion compared to $10.4 billion raised in 1H 2021.
