VoltStorage, founded in 2016, is announcing today that they have successfully raised €6M in venture financing in order to continue the development and production of private energy storage systems for homes and commercial businesses.
VoltStorage is the world’s only home energy storage provider of Vanadium Redox Flow (VRF) battery technology. The VoltStorage energy storage systems are free of rare raw materials, completely recyclable, 100 percent non-flammable and can be charged and discharged as often as required without losing capacity.
“We are glad to complete a future-oriented financing in the current market environment. With the support of the new investors, we can pursue our long-term growth strategy with greater impact. We are convinced that energy storage systems are essential for the energy transition to 100 percent renewable energies. The strong demand for our eco-friendly home batteries encourages us to realize an absolutely necessary technological market expansion with Redox Flow based product innovations – and to become the leading supplier of lithium-free energy storage systems within the next two years,” explains VoltStorage CEO Jakob Bitner.
The investment capital will be used to expand the series production of VoltStorage home batteries, to develop larger Redox Flow energy storage systems for commercial, agricultural and residential areas, and to continuously develop the Redox Flow battery technology. By the end of 2021, VoltStorage plans to double its team and triple the production space at its Munich headquarter.
VoltStorage founding team: Jakob Bitner, Michael Peither & Felix Kiefl (f.l.t.r.)
The investment capital is used, among other things, to expand series production.
In the past three years, VoltStorage has already received a seven-digit funding from SOSV, Energie 360° and Business Angels around Matthias Willenbacher, who again participated in this investment round. In addition, VoltStorage can now also rely on the expertise of the new investors in the technology and energy sector: The investment company Korys is owned by the Belgian family Colruyt and invests substantially in energy transition projects. Loïc de Schaetzen, Investment Director at Korys, supports the company vision as lead investor and part of the VoltStorage Board: “We sought to invest in the battery technology for some time to complement our investment portfolio in the energy transition field. With VoltStorage we finally found the fit we were looking for. We are equally im-pressed by the broad competence and motivation of the three founders, who have managed to build up an international team of experts in the areas of battery technology, IT, electronics and product development and brought the VoltStorage SMART home battery to market maturity in a very short time.”
EIT InnoEnergy, which has invested in more than 330 greentech companies since 2010 as an innovation driver for sustainable ener-gy, is also participating in VoltStorage’s growth plan. “With its Redox Flow storage solution, VoltStorage is bringing the technology that has been long established in industrial applications to the consumer home energy storage market – a highly innovative and worldwide unique approach. We see great prospects for the eco-friendly Redox Flow technology in the end-user market and are confident that VoltStorage can achieve a significant market share in this area,” explains Christian Müller, CEO of EIT InnoEnergy. The venture capital company Bayern Kapital also supports the further development of VoltStorage with its “Wachstumsfonds Bayern”. “With its innovative energy storage solution based on Vanadium Redox Flow technology, VoltStorage operates in one of the core fields of the energy transition. After all, safe, durable and eco-friendly energy storage is essential for the transition to renewable energies. We see high potential for VoltStorage in a rapidly growing market,” says Roman Huber, Managing Director of Bayern Kapital.