Energy storage solutions provider VFlowTech has secured $3 million in Pre-Series A financing to expand business operations to manufacture and distribute its long-duration modular batteries for renewable energy storage.
Led by Wavemaker Partners, with participation from Seed capital, Sing Fuels and other prominent angel investors, the new funding comes on the back of unprecedented attention worldwide on search for alternate energy storage solutions for renewables.
According to reports, the battery energy storage market offers a huge opportunity for investors as global demand for cleantech solutions is on the rise.
VFlowTech is on Cleantech Global’s 2021 APAC 25 list which recognises the 25 most outstanding private cleantech innovation companies from the Asia Pacific region.
The company is reinventing industrial-scale energy storage solutions with Vanadium redox flow technology by producing a low-cost long-duration storage modular battery solution.
In the past year, VFlowTech has been actively delivering reliable and safe energy storage solutions to Independent Power Producers (IPP), Energy Procurement & Construction (EPC), and other users worldwide.
One key vision of the company is to empower communities around the world who live in remote and rural areas to transition to low-cost reliable cleantech solutions and become diesel-free.
VFlowTech’s batteries have an expected life span of 25 years and are proven to have one of the safest and most environmentally friendly battery technologies.
Dr. Avishek Kumar, Co-founder and CEO of VFlowTech, said that with the pre-Series A funding, they will be able to continue investing in R&D, improve their core products, and scale in new markets.
The company received support from Temasek Foundation and a few prominent angel investors in Singapore and had raised seed funding of over $740,000 (S$1 million) when it first started operations.
Kumar added that they are also hoping to attract top talents that are motivated to be part of a company that will play a pivotal role in the global green energy transition.