Battery Energy Storage Market offers a huge opportunity for investors as global demand for Cleantech solutions are on the rise
VFlowTech is on Cleantech Global’s 2021 APAC 25 list which recognises the twenty-five most outstanding private cleantech innovation companies from the Asia Pacific region
SINGAPORE, October 6, 2021 – Energy storage solutions provider VFlowTech has secured US$3 million in Pre-Series A financing led by Wavemaker Partners, with participation from SEEDS 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.
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. VFlowTech will use the capital to expand business operations and has plans to scale manufacturing of redox flow battery energy storage systems. 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. The company has built and deployed high quality energy storage solutions in Singapore, Japan and Australia to support multiple applications including powering an entire building for Shinoda Group, a Japan-based client using VFlowTech’s PowerCube battery.
Shinoda Group in Japan is using VFlowTech’s PowerCube battery to power their entire building
VFlowTech has developed three key modular products: The base products are its 5 kW/30 kWh, 10 kW/100 kWh, 100 kW/500 kWh systems, which can be scaled to multi MWh. VFlowTech currently has a pipeline of large-scale infrastructure projects in key markets like Australia and Africa. 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. On average, a 10kW-100kWH system can provide up to two days of energy autonomy for most of the small households and remote communities in the region.
VFlowTech 100 kWh battery powers its office and laboratory in Singapore
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. Unlike lithium-ion and lead acid batteries, flow batteries have flexibility to independently scale the battery’s storage power (kW) and energy (kWh) where deployments of power and energy vary based on the size of the battery stack and the volume of electrolyte stored in the tanks respectively.
Strong commercial interest and deep innovation in the energy storage solution has landed VFlowTech a place in the 2021 APAC 25 list produced by Cleantech Group, a global leader in research, consulting and events that catalyze opportunities in sustainable innovation. The APAC 25 is a list of private and independent companies in the Asia Pacific region dedicated to sustainability and evaluated by experts in the field. The company had received support from Temasek Foundation for a test-bedding pilot and from a few prominent angel investors in Singapore and had raised seed funding of over US$740,000 (S$1 million) when it first started operations. In August 2020, VFlowTech was awarded a Singapore-Germany innovation grant to continue the research and development of hybrid high density power stack with German partners.
VFlowTech’s energy storage solutions can also be used to develop self-reliant green Electric Vehicle (EV) charging stations. As part of the company’s expansion roadmap, it plans to work with strategic partners abroad to deploy its reliable energy storage solution to support the rapidly expanding EV market. VFlowTech is also embarking on a project to develop an intelligent electric car fast-charging station concept for existing gas stations in Korea in partnership with Company We and Seoul National University of Science and Technology.
“The energy storage market is growing exponentially and plays an important role in the cleantech transition across the globe. We are on a mission to reinvent the energy storage solution with our modular vanadium redox flow batteries to enable a 24/7 shift to renewables. Our technology at scale will deliver a safe and reliable energy storage solution at a record low cost of ownership. Additionally, our advanced energy management system powered by AI enables higher efficiency and wider operating temperatures. With our pre-Series A funding, we will be able to continue investing in R&D, improve our core products and scale in new markets. We also hope to attract top talent that are motivated to be part of a company that will play a pivotal role in the global green energy transition.” Dr. Avishek Kumar, Co-founder and CEO of VFlowTech
“Compared to lithium-ion, VFlowTech’s batteries are ideal for utility-scale storage, especially for off-grid systems relying on renewables. Because they have a longer lifespan and far lower chance of catching fire, they’re also great for risk management and keeping long-term battery costs down. We only see robust growth for the company, as nations and industries around the globe mandate a shift to renewable energy,” said Paul Santos, Managing Partner at Wavemaker Partners in Southeast Asia.
“With more than a decade of experience in shipping industry and keen acumen in identifying new business opportunities for accelerated growth, Sing Fuels is now embarking on an ambitious and exciting journey of energy transition by investing in a gem like VFlowTech to provide focused greenhouse solutions to the Shipping and Ports Infrastructure industry,” said Mr. Vikash Dhanuka, Founder and CEO at Sing Fuels. “The ability of flow batteries to store electrical energy in a liquid form is one of the most promising energy storage variants. New innovative solutions to reduce carbon emission of the maritime industry and a shift from the traditional global energy mindset is what we aim for”.
(L – R) Dr. Avishek Kumar, Co-founder and CEO of VFlowTech and Dr. Arjun Bhattarai, Co-founder and CTO of VFlowTech
Lim Hock Chuan, Chief Executive of Temasek Foundation Liveability, said, “Temasek Foundation champions game-changing innovations that can catalyse impact and build a more sustainable and liveable world. We are happy to support VFlowTech to test-bed and demonstrate the potential of its efficient and scalable energy storage technology, and look forward to more such solutions being brought out of our laboratories and into the marketplace to benefit communities.”
VFlowTech founders Dr. Avishek Kumar and Dr. Arjun Bhattarai both have deep experience in the renewable space and have done extensive work on Vanadium redox flow technology. Vanadium is a unique metal that can remain stable in 4 different oxidation states. It is an element that is nearly as common as copper or zinc. The oxidation states of vanadium ions continuously change during charging and discharging with no cross contamination issues, allowing the battery to work for infinite cycles with no capacity fade and electrolyte degradation. With VFlowTech’s unique IP on electrolyte additive, its vanadium redox flow batteries can operate at much wider temperatures than others.
VFlowTech is a Singapore-based energy storage solutions provider manufacturing low-cost and efficient modular vanadium redox flow batteries. VFlowTech’s long-term vision is to drive the world towards energy equity where everyone can access clean energy at affordable pricing. With an energy storage solution that has an expected life span of 25 years, VFlowTech has one of the safest and most environmentally friendly battery technologies. VFlowTech was incubated in the CleanTech lab of Singapore’s Nanyang Technological University, and benefits from unique IP arising from many years of intensive research at the university. VFlowTech batteries can store renewable energy over long-duration and are designed to address issues of performance degradation, thermal runaway, and product reliability on safety. www.vflowtech.com
About Wavemaker Partners
Wavemaker Partners is Southeast Asia’s go-to early-stage VC for enterprise and deep tech. About 85% portfolio companies Wavemaker has invested in since 2012 are in enterprise & deep tech. Wavemaker’s portfolio includes startups in software, AI and cybersecurity as well as precision agriculture, cleantech, additive manufacturing and laser communications. Exits include TradeGecko’s acquisition by Intuit, Moka’s and Coins.ph’s acquisitions by Gojek, Red Dot Payment by PayU/Naspers and Wavecell by 8×8. www.wavemaker.vc
About Sing Fuels
Sing Fuels is a global energy trading company that provides bunker trading, cargo trading and base oil trading services to ship owners, charterers, and other players in the shipping community. Founded and headquartered in Singapore, the company’s footprint spreads across Denmark, Taiwan, United Arab Emirates, United Kingdom, Greece, South Africa, Turkey, and the United States. www.singfuels.com