US firm Energy Storage Systems (ESS Inc) said Wednesday it has closed a series A funding round of USD 3.2 million (EUR 2.8m) to commercialise its long-duration All-Iron Redox Flow Battery intended for utility-scale and commercial energy storage.
The funding round was led by Pangaea Ventures Ltd and also included Element 8 among other angel investor groups. It adds to the roughly USD 4.5 million in development grants that have been awarded to the company.
ESS said the funds raised will allow it to invest in tooling for volume production of its low-cost battery components and to support its market development activities. The company, which moved to a new production facility in Portland, Oregon earlier in 2015, targets initial customer deployments this autumn. It plans to ramp production of its flagship 125kW/1MWh system in 2016.
The technology addresses the need of the emerging utility market for long-life, low cost-per-kWh energy storage that can smooth out the intermittencies of wind and solar energy to facilitate the grid penetration of renewables worldwide, says the company.
ESS is to showcase its battery system at the Energy Storage North America (ESNA) tradeshow in San Diego next week.
(USD 1.0 = EUR 0.888)
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