EnerVault Corporation, a Sunnyvale, Calif.-based developer of energy storage systems based on a novel redox flow battery technology completed a $15.5m Series B financing.
This funding, which complements the grant awards totaling $5.5m from the U.S. Department of Energy (DOE), California Energy Commission (CEC) and New York State Energy Research and Development Authority (NYSERDA), brings the total amount the company has raised to date to $24.5m.
Investors include Mitsui Global Investment (MGI), Total Energy Ventures (affiliate of French oil & gas major Total), 3M Company, TEL Venture Capital (the U.S. investment arm of Tokyo Electron), Commercial Energy of California, Oceanshore Ventures and US Invest, LLC.
Founded in 2008 by CEO Dr. Craig R. Horne, the company is developing flexible, large electric energy storage systems for large commercial and industrial facilities, renewables support and utility grids. The grid-scale energy storage systems are based on its patented Engineered Cascade™ technology that transforms an inherently safe redox flow battery chemistry into highly economical and reliable storage solutions.
EnerVault intends to use the capital to establish pilot manufacturing capability and enable the completion of its one megawatt-hour system, which will be installed with partner Raytheon Ktech at a solar installation located near Turlock, Calif.