NEW DELHI: Singapore-based energy storage solutions provider VflowTech 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-term energy storage and artificial intelligence (AI)-driven energy management.
The round saw participation from Antares Ventures, Edbi, Mol Plus, PSA Ventures, as well as existing investors including İnciHolding, Untrod Capital, Pappas Capital, Pappas Capital, Wavemaker Partners, Seeds Capital and entrepreneurs.
The funding will be used to upgrade VflowTech’s 100 MWH manufacturing plant in India to the deployment of vanadium redox flow batteries (VRFBs) across the country.
The company also plans to expand its engineering, research and operations workforce to support locally manufactured battery energy storage systems (BESS) tailored to the conditions of the Indian grid, the statement said.
“With our AI energy platform, we intend to build a digital brain for India’s energy backbone while expanding our local manufacturing capabilities and creating high-quality jobs in the country,” said Avishek Kumar, co-founder and CEO of VflowTech.
With several grid-scale and microgrid deployments already underway, VflowTech is currently in high-level discussions with Indian renewable energy developers and industrial customers to deploy 1 GWH of VRFB systems in the coming years.
“We are building a long-term partnership in India to demonstrate how clean, smart storage powers the entire city, industry and state,” said Anand Anupam, chief commercial officer at VflowTech.
VflowTech was founded in 2018 and is dedicated to long-term energy storage vanadium redox flow battery (VRFB) systems and hybrid batteries.
