In a recent series C funding round led by Cummins Inc., clean-energy storage provider VoltStorage (HAX 09) raised $24.3 million to develop a new iron salt-based battery, according to Energy Storage News in “VoltStorage raises €24 million to expand product offering beyond vanadium”.
The Germany-based company has previously received investments from SOSV, Korys, EIT InnoEnergy, Bayern Kapital, Energie 360°, and business angels led by Matthias Willenbacher. Energy Storage News reports that while VoltStorage originally focused solely on solar energy storage systems for private homes, the company has now pivoted to producing new iron salt-based flow batteries and developing larger-scale redox flow storage systems—now, for commercial and agricultural uses instead of residential uses.
Speaking to Energy Storage News, VoltStorage CEO Jakob Bitner remarked, “It is now undisputed: energy storage systems are crucial for the conversion of the electric power supply to 100 percent renewables. With the newly acquired funding, VoltStorage will be able to provide the necessary technologies for this.”