SG energy storage firm VFlowTech raises $10m in Series A funding
SINGAPORE, 7 February 2023 – VFlowTech, the Singapore-based provider of vanadium-based redox flow batteries, has raised US$10 million in a Series A funding round. Led by Japan-based venture capital (VC) firm Real Tech Holdings, the oversubscribed round was participated in by returning investors ranging from corporate investors including SEEDS Capital, Wavemaker Partners and Sing Fuels to personal investors like Michael Gryseels (Chairman of VFlowTech), as well as new international VC and strategic investors including İnci Holding (Türkiye), Pappas Capital (US) and Carbon Zero Venture Capital (Singapore). VFlowTech will use the funds to set-up a 200MWh production line capacity and scale up the manufacturing of its 250 kWh modular vanadium-based long duration energy storage solutions. It will also use the funds to expand its market presence to Türkiye, the US, Japan, China and India with new partners. The company also plans to intensify research and development efforts to further improve its best-in-class technology, as well as increase system capacity and explore new markets with emerging demand for sustainable energy storage solutions.
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