SG energy storage firm VFlowTech raises $10m in Series A funding

SG energy storage firm VFlowTech raises $10m in Series A funding

VFlowTech, a Singapore-based energy storage solutions provider, has announced raising $10 million in its Series A funding round anchored by Japanese venture capital investor Real Tech Holdings.

SEEDS Capital, the investment arm of Enterprise Singapore, also participated in the funding round, along with Singapore and Los Angeles-based VC Wavemaker Partners, Pappas Capital, Sing Fuels, Inci Holdings, and Carbon Zero Venture Capital. The company’s chairman, Michael Gryseels, also invested in the round.

The company will use the proceeds to set up a 200MWh production line capacity and scale up the manufacturing of VFlowTech’s 250kWh modular vanadium-based long-duration energy storage solutions.

The company also plans to scale its solutions to the US and global markets where demand for sustainable energy storage solutions is growing. It also seeks to expand its market presence to Turkey, Japan, and India with new partners.

“We are excited to bring our offerings into new and emerging markets where there is ample opportunity to help kickstart the energy transition,” said Dr Avishek Kumar, co-founder and CEO of VFlowTech.

VFlowTech manufactures low-cost modular vanadium redox flow batteries, called PowerCubes, a type of rechargeable flow battery. Its batteries have an expected life span of 25 years and are designed to address issues of performance degradation, thermal runaway, and product reliability.

The company stressed that conventional energy storage technologies such as lithium-ion and lead acid batteries have limited functionality, are not environmentally friendly, and experience performance degradation over time.

To date, the company has commercially deployed 30 kWh and 100 kWh units for residential applications and has completed the production of its MWh system for large-scale microgrid applications.

The company raised $3 million in pre-Series A financing in October 2021, led by Wavemaker Partners. The round also saw the participation of SEEDS Capital and Sing Fuels.

Edited by:Padma Priya

View article here


  • Share via:

You May Also Like

Pitch Us!

Contact us now to pitch your idea!