Energy storage co VionX secures USD 58m in funding
US battery manufacturer VionX Energy Corp has raised some USD 58.2 million (EUR 51.4m) in gross proceeds from 11 equity investors, shows a Wednesday filing with the Securities and Exchange Commission (SEC).
The Massachusetts-based energy storage firm seeks to raise a total of USD 63.2 million from this offering and still has USD 5 million to go, according to the regulatory filing. The document does not specify the reason for the fundraising.
VionX is a supplier of long-duration grid-scale flow batteries, the operational functions of which include renewables shifting and firming. Its Vanadium Flow battery has a six to 10 hour runtime, optimised storage capacity and long-term power output.
The company counts United Technologies Corp (NYSE:UTX), Jabil Circuit Inc (NYSE:JBL), Vantage Point and Starwood Energy among its partners.