Granite Asia is leading the $20.5 million fundraising effort for vanadium redox flow battery (VRFB) systems manufacturer VFlowTech.
Along with current investors İnci Holding, UntroD Capital, Pappas Capital, Wavemaker Partners, SEEDS Capital, and Entrepreneurs First, Antares Ventures, EDBI, MOL PLUS, and PSA Ventures also participated in the round.
The money raised will be utilized to expand VFlowTech’s 100 MWh manufacturing facility in India to a gigafactory and to implement VRFB systems in utility-scale projects, microgrids, and commercial and industrial energy users.
VFlowTech was founded by Avishek Kumar in 2018 and has installed its VRFB systems in more than ten countries. The company is currently negotiating with Indian renewable energy developers to install up to 1 GWh of VRFB systems in the coming years.
The Ministry of New and Renewable Energy (MNRE) in India reported a 29.52 GW increase in renewable capacity in FY 2024-25, bringing the total capacity to 220.10 GW, according to market research.
VFlowTech wants to help reach the goal of 500 GW of non-fossil fuel capacity by 2030 by utilizing AI-integrated systems and long-duration energy storage. In order to optimize energy use and offer grid ancillary services, the company will also invest in creating an AI-driven cloud energy management platform.
