H2 Raises $15M in Series B Funding

H2, Inc., a Daejeon, South Korea-based flow battery manufacturer, secured $15m in Series B funding.

Backers included Envisioning Partners, BeHigh Investment, BTC Investment, EN Investment and NH Hedge Asset Management, and unnamed existing shareholders.

The company, which has raised $38m to date, intends to use the funds to expand manufacturing capacity and automation currently needed to proceed with the large-scale flow battery energy storage projects domestic and overseas in its pipeline. It plans for a 330MWh production capacity in the 1st phase of its near-term capacity expansion.

Led by Dr. Shin Han, Founder and CEO, H2 plans to expand into important overseas market such as the US and other regions. In order to prepare for overseas market entry, the company has recently secured UL certification (UL 1973) for its cell stack model 5266. A cell stack is a key component in a flow battery system that determines the power(kW) during charge/discharge of the battery system, like an engine in an automobile. The UL 1973 certification requires the stack components to undergo months of numerous tests to pass the strict safety standards.

The stack technology is currently in use for its 20ft container type EnerFLOW430 (270kWh) and cabinet type EnerFLOW330 (50kWh). EnerFLOW430 is embedded with proprietary ‘FLEXMODULE’ technology which enables various duration options from 4 to 10 hours in a standardized modular product.

In 2020 late last year, EnerFLOW430 was commissioned in a power plant facility run by Korea East-West Power (EWP) Co. in Ulsan, South Korea. A capacity of 1.1MWh EnerFLOW430 system was co-located with a 400kW PV power plant. The site has been operated since its commissioning providing economic benefits to EWP under the REC (renewable energy credit) scheme. It is currently the only commercially operating non-lithium battery installation running under the REC scheme in Korea.