VFlowTech secures $3 million in funding, to scale redox battery ESS manufacturing
Energy storage solutions provider VFlowTech has announced that it has secured $3 million in Pre-Series A financing led by Wavemaker Partners, with participation from Seed capital, Sing Fuels, and other prominent angel investors. The new funding comes on the back of unprecedented attention worldwide on the search for alternate energy storage solutions for renewables.
The company is reinventing industrial-scale energy storage solutions with Vanadium redox flow technology by producing a low-cost long-duration storage modular battery solution. VFlowTech will use the capital to expand business operations and has plans to scale the manufacturing of redox flow battery energy storage systems.
VFlowTech has developed three key modular products: The base products are its 5 kW/30 kWh, 10 kW/100 kWh, 100 kW/500 kWh systems, which can be scaled to multi-MWh. VFlowTech currently has a pipeline of large-scale infrastructure projects in key markets like Australia and Africa. One key vision of the company is to empower communities around the world who live in remote and rural areas to transit to low-cost reliable cleantech solutions and become diesel-free. On average, a 10kW-100kWH system can provide up to two days of energy autonomy for most of the small households and remote communities in the region.
Avishek Kumar, Co-founder, and CEO of VFlowTech said: "The energy storage market is growing exponentially and plays an important role in the cleantech transition across the globe. We are on a mission to reinvent the energy storage solution with our modular vanadium redox flow batteries to enable a 24/7 shift to renewables. Our technology at scale will deliver a safe and reliable energy storage solution at a record low cost of ownership. Additionally, our advanced energy management system powered by AI enables higher efficiency and wider operating temperatures. With our pre-Series A funding, we will be able to continue investing in R&D, improve our core products, and scale in new markets. We also hope to attract top talent that is motivated to be part of a company that will play a pivotal role in the global green energy transition.
"Compared to lithium-ion, VFlowTech's batteries are ideal for utility-scale storage, especially for off-grid systems relying on renewables. Because they have a longer lifespan and a far lower chance of catching fire, they're also great for risk management and keeping long-term battery costs down. We only see robust growth for the company, as nations and industries around the globe mandate a shift to renewable energy," said Paul Santos, Managing Partner at Wavemaker Partners in Southeast Asia.
"With more than a decade of experience in the shipping industry and keen acumen in identifying new business opportunities for accelerated growth, Sing Fuels is now embarking on an ambitious and exciting journey of the energy transition by investing in a gem-like VFlowTech to provide focused greenhouse solutions to the Shipping and Ports Infrastructure industry," said Mr. Vikash Dhanuka, Founder and CEO at Sing Fuels.
"The ability of flow batteries to store electrical energy in a liquid form is one of the most promising energy storage variants. New innovative solutions to reduce the carbon emission of the maritime industry and a shift from the traditional global energy mindset is what we aim for".