July 29 (Renewables Now) - German energy storage specialist VoltStorage GmbH has raised EUR 24 million (USD 24.29m) in Series C financing from US company Cummins Inc (NYSE:CMI) to fund the development of new redox flow battery storage systems and the company's growth.
Created in 2016, the Munich-based business develops and produces stationary flow batteries based on the vanadium redox flow technology for commercial and agricultural businesses. VoltStorage considers the technology an alternative to lithium-ion batteries as it does not require the use of rare materials, is fully recyclable and has high operational reliability and durability.
The company is also working on the development of the iron salt technology which is meant to enable long-duration energy storage and help wind and solar farms ensure base load capability.
The fresh funds from the investment will be used to develop larger-scale redox flow storage systems for commercial and agricultural enterprises and to advance the development of the iron salt technology towards commercialisation.
With the participation in the fundraiser, Cummins joins the list of VoltStorage's existing investors Korys, EIT InnoEnergy, Bayern Kapital, SOSV, Energie 360° and Business Angels led by German renewable energy pioneer Matthias Willenbacher.
(EUR 1 = USD 1.012)