H2 Secures $16 Million Bridge Financing to Expand Vanadium Flow Battery Production Capacity
Date: 27 Jan 2025 |
Source: Global Flow Battery Energy Storage WeChat, 25 January 2025
As the global transition to renewable energy accelerates, energy storage technologies are playing an increasingly crucial role. Among them, vanadium flow batteries have emerged as a focal point due to their high safety, long lifespan, and eco-friendly features. H2, a leading provider in the industry, has announced a significant financial milestone, injecting fresh momentum into the energy storage market.
H2 has successfully secured $16 million in bridge financing, bringing the company’s total funding to $77 million. The latest financing round was led by South Korea’s renowned private equity firm, STIC Investments, with participation from KRUN Ventures and Lighthouse Combined Investment. The funds will be primarily used to construct the company's new K2 factory, which is expected to be fully operational by 2026 with an annual production capacity of 1.2 GWh—three times the capacity of the existing K1 facility.
The K2 factory marks a significant step forward in H2’s strategic growth, not only enhancing production capacity but also driving technological advancements. The facility will focus on the production of H2’s flagship EnerFLOW series, including the 500 Series, designed for 4-hour energy storage, and the 600 Series, tailored for applications of 8 hours or more. Notably, the 600 Series incorporates H2’s proprietary HYPERSTRUCTURE technology, which significantly enhances performance while reducing system footprint. The first batch of EnerFLOW 640 units is set to be deployed in mid-2025 at Spain’s largest vanadium flow battery project, boasting a total energy storage capacity of 8.8 MWh.
As advancements in technology continue and market demand surges, vanadium flow batteries are poised to play an increasingly significant role in the energy landscape. H2’s capacity expansion and relentless pursuit of innovation set a benchmark for the energy storage industry. Committed to the global energy storage market, H2's success story serves as an inspiration for the sector and fuels optimism for the future of sustainable energy solutions.