Sustainable battery technology company VoltStorage announced today that it has raised $24 million from engine and power systems company Cummins. Proceeds from the investment will go towards the development of its environmentally sustainable energy storage systems as an alternative to lithium-based storage.
Founded in 2016, VoltStorage develops and produces energy storage systems based on vanadium redox flow technology, aimed at establishing a mass-market alternative to lithium-based storage technologies. The company’s redox flow system does not require rare materials or conflict raw materials and is fully recyclable.
VoltStorage’s research and development team is also working on a low-cost iron salt battery, which is suitable for ensuring base load capability for wind and solar farms.
Jennifer Rumsey, President and COO, Cummins Inc, said:
“By investing in VoltStorage, we are taking steps to advance solutions focused on the grid and energy storage. Addressing climate change will take a comprehensive approach and all stakeholders working together to execute it.”
The new investment is intended to go toward developing larger-scale redox flow storage systems for commercial and agricultural enterprises and residential neighborhoods, and for product development of the iron salt technology.
Jakob Bitner, VoltStorage CEO, said:
“With Cummins, VoltStorage gains a long-term oriented investor with a deep understanding of our products, the market and the corporate strategy. This future-oriented investment will enable us to pursue VoltStorage’s product and company development with even more energy. It is now undisputed: energy storage systems are crucial for the conversion of the electric power supply to 100 percent renewables.”