Latest news with #AnandAnupam
Mint
14-05-2025
- Business
- Mint
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.
Time of India
14-05-2025
- Business
- Time of India
VFlowTech raises $20.5 million to set up battery Gigafactory, expand India operations
New Delhi: VFlowTech has raised $20.5 million (approximately ₹170 crore) in funding to scale up its long-duration energy storage operations in India and expand the deployment of its Vanadium Redox Flow Batteries (VRFB). The Singapore-based energy storage firm plans to upgrade its 100 MWh battery manufacturing facility in India into a Gigafactory and build out AI-driven energy management systems. The funding round was led by Granite Asia, with participation from Antares Ventures, EDBI, MOL PLUS, PSA Ventures, and returning investors including İnci Holding, UntroD Capital, Pappas Capital, Wavemaker Partners, SEEDS Capital, and Entrepreneurs First. The capital raise signals growing investor interest in vanadium redox flow battery (VRFB) technology to support grid stability and enable long-duration renewable energy integration. VFlowTech said the technology is suited for India's rapidly evolving energy market, with applications across utility-scale installations, microgrids, and commercial and industrial (C&I) energy systems. 'India is at a tipping point in its clean energy journey. With this funding, we are not just bringing advanced energy storage technologies to market — we are shaping the future of sustainable energy infrastructure in the region," said Dr. Avishek Kumar, Co-Founder and CEO of VFlowTech. '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,' he added. The company said it will use the funds to expand hiring in engineering, research, and operations functions in India. It also plans to invest in vanadium recycling and develop innovation in electrolyte manufacturing to build supply chain resilience within the country. 'India represents one of the most exciting opportunities for energy transition. With its ambitious renewable energy targets and increasing need for grid stability, coupled with the policy momentum, our long-duration storage and AI-integrated systems are a perfect fit for enabling a reliable, 24/7 clean power future,' said Anand Anupam, Chief Commercial Officer of VFlowTech. The firm said it is in advanced discussions with renewable energy developers and industrial customers to deploy up to 1 GWh of VRFB systems in India over the next few years. It already has grid-scale and microgrid installations operational in the country. 'This investment marks a turning point not just for VFlowTech, but for how India can adopt sustainable energy storage at scale,' Anupam added. 'We're building long-term partnerships in India to demonstrate how clean, smart storage can power entire cities, industries, and states.' According to the Ministry of New and Renewable Energy (MNRE), India's total installed renewable energy capacity stood at 220.10 GW as of FY 2024-25, reflecting an increase of 29.52 GW over the previous year. The country aims to reach 500 GW of non-fossil fuel-based capacity by 2030 under its Panchamrit commitments, which the ministry has stated will require large-scale deployment of long-duration energy storage technologies alongside additional renewable capacity.
