VFlowTech raises $20.5 mn to expand battery solution operations in India
New Delhi: VFlowTech, a Singapore-based energy storage solution provider, has raised $20.5 million in a funding round led by Granite Asia to accelerate its expansion into India's renewable energy sector, focusing on long-duration energy storage and artificial intelligence (AI)-driven energy management.
The round saw participation from Antares Ventures, EDBI, MOL PLUS, PSA Ventures, and existing investors including İnci Holding, UntroD Capital, Pappas Capital, Wavemaker Partners, SEEDS Capital, and Entrepreneurs First, the company said in a statement on Wednesday.
The funding will be used to upgrade VFlowTech's 100 MWh manufacturing plant in India to a gigafactory and ramp up deployment of its Vanadium Redox Flow Batteries (VRFB) across the country.
The company also plans to expand its workforce in engineering, research, and operations to support the rollout of locally manufactured battery energy storage systems (BESS) tailored to India's grid conditions, according to the statement.
'With our AI energy platform, we intend to build digital brains to India's energy backbone, while scaling our local manufacturing capabilities and creating high-quality jobs in the country,' said Avishek Kumar, co-founder and chief executive officer of VFlowTech.
With several grid-scale and microgrid deployments already in place, VFlowTech is currently in advanced discussions with renewable energy developers and industrial customers in India to deploy up to 1 GWh of VRFB systems in the next few years.
Anand Anupam, chief commercial officer of VFlowTech said, 'We're building long-term partnerships in India to demonstrate how clean, smart storage can power entire cities, industries, and states.'
Founded in 2018, VFlowTech specializes in vanadium redox flow battery (VRFB) systems and hybrid batteries designed for long-duration energy storage.
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