STORAGE SYSTEMS FOR THE ENERGY TRANSITION:
VOLTSTORAGE RECEIVES 24 MILLION EURO IN FUNDING
Munich, July 28th, 2022. VoltStorage GmbH develops and produces energy storage systems based on environmentally friendly redox flow technology and is one of the leading technology companies for stationary battery systems. With the development of the iron salt technology, the company is setting new standards in the field of long duration energy storage and offers wind and solar farms a highly cost-effective and resource-saving option for ensuring base load capability. The Munich-based company is now receiving 24 million euros in Series C financing from the US company Cummins Inc. The capital will be used for the development of new battery storage systems and the growth of the company.
Headquartered in Munich, Germany, VoltStorage was founded in 2016 by Jakob Bitner, Michael Peither and Felix Kiefl. The company develops pioneering battery solutions based on redox flow technology which are low-cost, scalable, and environmentally safe. VoltStorage follows a multi-technological approach: VoltStorage develops and produces commercial storage systems based on the particularly ecological vanadium redox flow technology for commercial and agricultural enterprises. In addition, the international research and development team is working on the low-cost iron salt battery, whose properties make it particularly suitable for ensuring base load capability for wind and solar farms. With the development of the iron salt technology, the company is setting new standards in the field of long duration energy storage, offering wind and solar farms a highly cost-effective and resource-saving option for ensuring base load capability.
Over the past five years, VoltStorage has already received funding in several rounds from the investors Korys, EIT InnoEnergy, Bayern Kapital, SOSV, Energie 360° and Business Angels led by Matthias Willenbacher. The US company Cummins Inc. now joins this list of investors to participate in VoltStorage’s growth plan. As part of a Series C financing, VoltStorage has received 24 million euros from Cummins Inc. for the further development and expansion of its business activities. Cummins Inc. is one of the world’s leading companies in the field of energy technology and has strong expertise and an extensive network in the energy sector. “Cummins’ commitment to a sustainable, cleaner planet is unwavering and we are pleased to join with VoltStorage in these efforts,” said Jennifer Rumsey, President and COO, Cummins Inc. “Our Destination Zero strategy is integral to every technology, growth, business, and investment decision we make. We continue to make our products cleaner and by investing in VoltStorage, we are taking steps to also make the grid and energy storage greener as well. It will take us all working together to address climate change and by continuing to invest in clean energy solutions we can have a positive impact on our communities, our customers, and future generations.”
The capital will go toward developing larger-scale redox flow storage systems for commercial and agricultural enterprises. In addition, product development of the iron salt technology will be accelerated towards commercialization. To this end, VoltStorage plans to significantly expand its team and further expand the company’s activities. “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 greater energy. It is now undisputed: energy storage systems are crucial for the conversion of the electric power supply to 100 percent renewables. With the newly acquired funding, VoltStorage will be able to provide the necessary technologies for this,” explains VoltStorage CEO Jakob Bitner.
VoltStorage GmbH is a technological pioneer for stationary flow batteries. VoltStorage develops and produces energy storage systems based on ecological redox flow technology. With its sustainable storage solutions, VoltStorage strives to achieve the vision of making 100% renewable energy available 24/7. VoltStorage has an international research and development team as well as the largest operating flow battery fleet worldwide, and thus extensive expertise and experience in the development and production of sustainable storage technologies. With redox flow technology, VoltStorage is establishing a mass-market alternative to lithium-based storage technologies that does not require rare materials or conflict raw materials, is fully recyclable, and also has high operational reliability and durability. For a fairer and cleaner world for generations to come. Learn more at: www.voltstorage.com/en
About Cummins Inc.
Cummins Inc., a global power technology leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from internal combustion, electric and hybrid integrated power solutions and components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, microgrid controls, batteries, electrolyzers and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 59,900 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $2.1 billion on sales of $24 billion in 2021. Learn more at www.cummins.com