Cummins Inc. invests $24 million in VoltStorage, to advance the Destination Zero strategy
Cummins Inc. has announced an investment of $24M into VoltStorage, a technology company producing energy storage systems based on environmentally friendly redox flow technology.
Cummins is committed to developing a range of solutions that will enable our customers' success as we advance our Destination Zero strategy and decarbonize our diverse markets," said Jennifer Rumsey, President, and COO, Cummins Inc.
"By investing in VoltStorage, we are taking steps to advance solutions focused on the grid and energy storage. Addressing climate change will take a comprehensive approach and all stakeholders working together to execute it."
Headquartered in Munich, Germany, VoltStorage was founded in 2016 by Jakob Bitner, Michael Peither, and Felix Kiefl. The company develops pioneering battery solutions based on redox flow technology that are sustainable, reduce costs, and are environmentally friendly. VoltStorage develops and produces commercial storage systems based on ecological vanadium redox flow technology for commercial and agricultural enterprises. In addition, the international research and development team is working on the low-cost iron salt battery, whose properties make it particularly suitable for ensuring base load capability for wind and solar farms.
With the development of iron salt technology, the company is setting new standards in the field of long-duration energy storage, offering wind and solar farms a highly cost-effective and resource-saving option for ensuring base load capability.
"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 more energy. It is now undisputed: energy storage systems are crucial for the conversion of the electric power supply to 100 percent renewables. With the newly acquired funding, VoltStorage will be able to provide the necessary technologies for this," explains VoltStorage CEO Jakob Bitner.
According to VoltStorage, Cummins' investment will go toward developing larger-scale redox flow storage systems for commercial and agricultural enterprises and residential neighborhoods. In addition, product development of the iron salt technology will accelerate commercialization.