Singapore-based VFlowTech has raised a US$10 million Series A to set up a manufacturing facility and scale up production of its 250kWh vanadium flow battery product.
The Series A funding round was led by Japan-based VC firm Real Tech Holdings with participation from existing investors SEEDS Capital, Wavemaker Partners, oil and gas firm Sing Fuels and VFlowTech chairman Michael Gryseels. İnci Holding, Pappas Capital and Carbon Zero Venture Capital joined as new investors.
VFlowTech will use the funds to set up a new manufacturing facility for building its vanadium redox flow battery (VRFB) solution, PowerCubes, with an annual production capacity of 200MWh.
The facility will manufacture 250kWh systems. To-date the firm has mainly deployed 30kWh and 100kWh units for residential applications has now completed the production of a MWh system for large-scale microgrid applications.
The company will also use the capital to expand its market presence to Turkey (where İnci Holding is based), the US, Japan and India with its new partners, invest in R&D to improve its technology and increase its system capacity, and strengthen its management team.
VFlowTech was partially spun out of Nanyang Technical University and holds IP developed by the academic institution. PowerCubes are designed to be durable over a 25-year lifetime.
The Series A comes around 18 months after it raised US$3 million in a pre-Series A financing round, reported by Energy-Storage.news at the time.
VFlowTech has its own energy management system (EMS) platform which it says features optimal charging profiles, smart pump and stack management and smart charging and discharging.
In September 2022, it signed an MoU with global liquid storage logistics group Advario to deploy its systems at the latter’s terminal facilities.
Energy-Storage.news’ publisher Solar Media will host the 1st Energy Storage Summit Asia, 11-12 July 2023 in Singapore. The event will help give clarity on this nascent, yet quickly growing market, bringing together a community of credible independent generators, policymakers, banks, funds, off-takers and technology providers. For more information, go to the website.
