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VoltStorage GmbH, a company aimed at the development and production of energy storage systems based on environmentally friendly redox flow technology, has received EU€24mn (approx. US$24.5mn) in Series C financing from Cummins
VoltStorage develops pioneering battery solutions based on redox flow technology which are low-cost, scalable, and environmentally safe. The company produces the storage systems for commercial and agricultural enterprises. In addition, the international research and development team is working on the low-cost iron salt battery, whose properties make it particularly suitable for ensuring base load capability for wind and solar farms.
Over the past five years, VoltStorage has already received funding in several rounds from the investors Korys, EIT InnoEnergy, Bayern Kapital, SOSV, Energie 360° and Business Angels led by Matthias Willenbacher. The US company Cummins now joins this list of investors to participate in VoltStorage’s growth plan.
“Cummins’ commitment to a sustainable, cleaner planet is unwavering and we are pleased to join with VoltStorage in these efforts,” said Jennifer Rumsey, president and COO, Cummins. “Our Destination Zero strategy is integral to every technology, growth, business, and investment decision we make. We continue to make our products cleaner and by investing in VoltStorage, we are taking steps to also make the grid and energy storage greener as well. It will take us all working together to address climate change and by continuing to invest in clean energy solutions we can have a positive impact on our communities, our customers, and future generations.”
The capital will go toward developing larger-scale redox flow storage systems for commercial and agricultural enterprises. In addition, product development of the iron salt technology will be accelerated towards commercialization.
VoltStorage CEO, Jakob Bitner, explained, “With Cummins, VoltStorage gains a long-term oriented investor with a deep understanding of our products, the market, and the corporate strategy. This future-oriented investment will enable us to pursue VoltStorage’s product and company development with even greater energy. It is now undisputed: energy storage systems are crucial for the conversion of the electric power supply to 100% renewables. With the newly acquired funding, VoltStorage will be able to provide the necessary technologies for this.”