ESS Inc., a U.S.-American manufacturer of energy storage systems, raised $13 Million in a new Series B funding in order to expand and deploy their energy storage systems. The company found support not only with their original investors, but also from global chemistry leaders, such as BASF, Cycle Capital Management, Presidio Partners Investment Management or InfraPartners Management.
The sum will be used to expand and automate the manufacturing process of their storage system “the Energy Warehouse”. It is a safe, low-cost and sustainable iron flow battery, which is provided in a range of utility and behind-the-meter applications. On top of that the investments support the company’s business development activities with system integrators and strategic partners, as well as an enabling of 900 MWh per year of production capacity. With their cooperations it is their goal to strengthen the ecosystem in order to promote its clean, low-cost, long-duration energy storage solution.
“This investment underscores the strength of our technology, its value in the large, high-growth energy storage market, and our ability to execute strategically. Customers are seeking cleaner, higher-performing alternatives to lithium-ion that can provide scalable, long-life, longer-duration storage– and in combination with renewables, achieve economic parity with conventional generation. ESS’s safe, low-cost, and sustainable all-iron flow battery is the ideal solution,” said Craig Evans, founder and CEO of ESS Inc.