The Energy Storage Report 2024

Now available to download, covering deployments, technology, policy and finance in the energy storage market

Singapore firm VFlowTech raises US$10 million for 200MWh vanadium flow battery factory


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.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

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 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.’ 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.

Read Next

February 27, 2024
US$150 million has been raised in a Series B by Antora Energy, a US-based startup with a novel ‘thermal battery’ technology claimed to be suitable for decarbonising industrial processes.
February 27, 2024
Turkey-headquartered lithium-ion and energy storage manufacturer Kontrolmatik Technologies will deploy a 1GWh energy storage project on home soil with financing provided by Chinese energy firm Harbin Electric.
February 26, 2024
BESS route-to-market (RTM) and optimisation firms in the UK are increasingly looking at a wider variety of contracting mechanisms beyond the revenue-share or ‘merchant’ model, developer-operator Eku Energy told
February 22, 2024
Trina Storage, the energy storage arm of major solar PV company Trina Solar, launched its new battery storage solution Elementa 2, to the global market at this year’s Energy Storage Summit EU.
February 22, 2024
Renewables developer and operator Arevon Energy has secured US$1.1 billion in debt and tax equity financing for a solar-plus-storage project in California which features a 150MW/600MWh BESS.

Most Popular

Email Newsletter