Singapore, 7 May 2024 – VFlowTech, a pioneer in advanced energy storage solutions based in Singapore, is excited to announce the successful closing of its Extended Series A-2 funding round. This investment round is led by PSA unboXed, the external innovation and corporate venture capital arm of PSA International, and supported by a consortium of international investors.
This new funding underscores VFlowTech’s commitment to enhancing the global energy landscape through significant advancements in hybrid long-duration energy storage solutions. With this investment, VFlowTech will expand its R&D activities and increase manufacturing capacity, including extending its operations to India.
Key Developments:
- Expansion and Enhanced R&D Efforts: Leveraging the new funds, VFlowTech plans to boost its manufacturing capabilities and intensify its research and development, particularly in the area of hybrid energy storage technologies.
- In-House Production of Critical Components: A significant portion of the investment will be channeled towards in-house production of perfluorinated polymeric ion exchange membranes, the key component in Vanadium Redox Flow Batteries (VRFBs). This move will optimize resource allocation, reduce costs, and enhance the performance of their PowerCube batteries.
- Driving Down Costs While Boosting Performance: By bringing critical production processes in-house, VFlowTech aims to reduce the overall costs of their batteries, making sustainable energy solutions more accessible while maintaining high performance and reliability.
Dr. Avishek Kumar, Co-Founder of VFlowTech, expressed enthusiasm about the new funding: “This partnership with PSA unboXed and our esteemed investors is a testament to our shared vision of a cleaner, more sustainable future. With their support, we are setting the stage for significant advancements in energy storage that will power not just Singapore but also our expanding global footprint.”
Mr. Alvin Foo, Head of unboXed, Technology and Sustainability Solutions at PSA, noted, “VFlowTech’s innovative approach to energy storage is crucial for the decarbonization journey towards a net-zero future. We are excited to support VFlowTech as they enhance their capabilities in Battery Energy Storage and Smart Grid Management Systems.”
About VFlowTech
VFlowTech is an award-winning provider of modular vanadium redox flow batteries, offering some of the safest, most sustainable, and cost-effective energy storage solutions on the market. With a focus on long-duration energy storage, VFlowTech is dedicated to driving global energy equity, ensuring access to clean energy at affordable prices.
About PSA unboXed
PSA unboXed is the Corporate Venture Capital arm of PSA International, a leading global port operator. Through strategic investments in innovation and technology, PSA unboXed supports startups in the realms of ports, supply chains, and logistics to foster growth and implement cutting-edge solutions across its operations.
Media Contact
Matthew Webster Assistant Vice-President (Branding & Media), Corporate Communications, PSA Singapore / PSA unboXed
Email: mattheww@globalpsa.com
For additional information, please visit VFlowTech and PSA unboXed.