December 12 (Renewables Now) - US long-duration flow energy storage systems developer ESS Inc said today it has raised USD 13 million (EUR 11m) in a Series B funding round led by a unit of German chemicals major BASF (ETR:BAS).
ESS develops and manufactures the long-duration Energy Warehouse (EW) all-iron flow battery for commercial and utility-scale energy storage applications. The system is housed in a 40-foot shipping container and is capable of up to eight continuous hours of energy delivery.
The company said that it will use the fresh funds to expand and automate the manufacturing process of its EW battery. More specifically, the investment will enable a production capacity of 900 MWh per year, it added.
BASF has led a group of new investors in ESS, including Cycle Capital Management, Presidio Partners Investment Management and InfraPartners Management. Existing backer Pangaea Ventures also took part in the latest funding round, the announcement says.
"Based on an in-depth review of a wide variety of existing solutions, we invested in ESS because they have the cleanest and the best low-cost energy storage solution on the market," said Andree-Lise Methot, founder and managing partner at Cycle Capital Management.
(USD 1.0 = EUR 0.852)