Large Scale Energy Storage System

Startup Description:

The startup was established in 2018 in Singapore to address the need for Innovative, reliable storage solutions to unlock the full power of renewables in the electricity market.

Funding:

The startup is looking to raise a total of USD 3.5 million for its Seed funding round. The proceeds will be used for the following purposes:

• Deployment of Products into market
• Further build up and development of the local expertise and resources

Problem:

With the surge in demand for Renewable Energy in the Global market, the need for reliable, low cost safe battery storage for both high power and high energy application is increasingly important. The current solutions in the market are good only for short duration storage (minutes to 2 hours). There is a particular technology called Redox Flow battery that is able to operate large scale energy capacities and for much longer back up time. However, this storage technology also comes with various down sides that causes its commercial viability.

Solution/Product/Business Model:

The startup aims to solve these market needs by solving the key issues of the Vanadium Redox Flow Battery(VRFB) technology. These batteries are suitable for large scale energy storage (kW to MW) with back up time of (hours to days). It is 100% safe to use, 100% recyclable, with more than 25 years useful life, 100% DOD and can operate long hours. The disadvantages of VRFB have been solved by the startup.

Journey/Plan:

The startup has successfully conducted its first PoC in Singapore. With the results, they were able to garner more interests from the industry and have successfully secured 4 other projects which they now require funding to deliver.