$13m funding for iron flow battery
Flow energy storage manufacturer ESS Inc. has received $13 million in new Series B funding.
The round includes new investors led by global chemical industry company BASF, as well as Cycle Capital Management, Presidio Partners Investment Management and InfraPartners Management. They were joined by ESS’s original investors, including Pangaea Ventures.
ESS will use the new funding to expand and automate the manufacturing process of its iron flow battery, the Energy Warehouse. Leveraging the capital efficiency of the product’s advanced technology, the investment will enable 900 MWh per year production capacity. It will also support the company’s business development activities with system integrators and strategic partners, creating a stronger ecosystem for promoting its clean, low-cost, long-duration energy storage solution.
“After conducting extensive research across a range of battery technologies, designs and developers, we’ve concluded that ESS offers a superior combination of low-cost, clean, safe and long-life chemistry; scalable architecture, and management experience,” said BASF Venture Capital Managing Director Markus Solibieda.
Cycle Capital Management Founder and Managing Partner Andrée-Lise Méthot said, “We invest in companies that have talented management teams, who are leading the development of advanced technology for a sustainable global future. Based on an in-depth review of a wide variety of existing solutions, we invested in ESS because they have the cleanest and the best low-cost energy storage solution on the market. This solution meets real-world needs with highly favourable economics. We believe they are well positioned for rapid expansion.”
“This investment underscores the strength of our technology, its value in the large, high-growth energy storage market and our ability to execute strategically,” said Craig Evans, founder and CEO of ESS Inc.
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