Seeds Capital backs energy storage firm’s $3m round

VFlowTech, a Singapore-based energy storage solutions provider, has raised US$3 million in pre-series A funding in a round led by Wavemaker Partners. The fundraise also saw participation from Seeds Capital, Sing Fuels, and angel investors, including Michael Gryseels, Steve Melhuish, Doug Parker, Gary Lee, and Alexander Turnbull.

Before this round, the startup raised a total of about US$800,000 in funding from backers including Entrepreneur First, Michael Gryseels, and Apsara Investment. It has also received grants from the Temasek Foundation and Enterprise Singapore.

Photo credit: VFlowTech

Founded in 2018, VFlowTech aims to provide alternative, industrial-scale energy solutions with vanadium redox flow technology. The company says its solutions are low-cost and allow for longer storage durations.

VFlowTech is also looking to offer its energy storage solutions for green electric vehicle charging stations. As part of the company’s expansion roadmap, it aims to work with “strategic partners” to deploy its storage solution.

Currently, the firm is working on a project in South Korea to develop an intelligent, fast-charging gas station concept in partnership with CompanyWe and Seoul National University of Science and Technology.

VFlowTech plans to use the capital to expand its business operations and scale up the manufacturing of its redox flow battery energy storage systems.

“We also hope to attract top talent that are motivated to be part of a company that will play a pivotal role in the global green energy transition,” VFlowTech co-founder and CEO Avishek Kumar said in a statement.