Vanadium flow battery storage system developer VoltStorage has raised €24 million (US$24.3 million) in a Series C, part of which will go to developing a new iron salt-based battery.
The Germany-based company has raised the capital from Cummins Inc., a large US corporation that develops and distributes engines, filtration, and power generation products.
VoltStorage will use the money to develop a new iron salt-based flow battery and further its growth by developing larger-scale redox flow storage systems. Scaling up is the main challenge for the flow battery sector as the CEO of another provider, CellCube, explained recently.
The company appears to have changed strategy since a €6 million fundraise back in 2020, when it described itself as a company that “develops and produces solar energy storage systems for private homes.” At the time, its main product was Voltstorage SMART, which had a 1.5kW output and 6.2kWh capacity.
VoltStorage now says its its vanadium redox flow battery is mainly for commercial and agricultural uses, with no mention of residential or home use in a recent press release.
A low-cost iron salt battery, which its research and development team is currently working on, will be particularly suitable for ensuring base load capability for wind and solar farms, the company said.
The Series C builds on previous fundraising rounds which included investment from Korys, EIT InnoEnergy, Bayern Kapital, SOSV, Energie 360° and Business Angels led by Matthias Willenbacher.
Jennifer Rumsey, President and COO, Cummins Inc., commented: “We continue to make our products cleaner and by investing in VoltStorage, we are taking steps to also make the grid and energy storage greener as well.”
“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,” said VoltStorage CEO Jakob Bitner.
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