VFlowTech, a Singapore-based energy storage solutions provider, has announced raising $20.5 million in its latest funding round anchored by Granite Asia (formerly GGV Capital).
Antares Ventures, EDBI, MOL PLUS, and PSA Ventures also backed the funding round as new investors alongside existing backers Inci Holding, UntroD Capital, Pappas Capital, Wavemaker Partners, SEEDS Capital, and Entrepreneur First.
VFlowTech said the fresh capital will support the scaling of its proprietary VRFB systems, strengthen its AI-driven energy management platform, and develop critical supply chains, including vanadium recycling and membrane innovation.
The funding round comes about a year after the energy storage company announced raising additional funding in an extended Series A round led by PSA Unboxed, the innovation and corporate VC arm of global port operator PSA International.
VFlowTech had in February 2023 announced raising $10 million in a Series A funding round led by Japanese VC investor Real Tech Holdings.
VFlowTech’s top shareholders
The company posted revenue of $0.74 million in its financial year ended March 2023, up from $0.08 million a year earlier, DealStreetAsia’s DATA VANTAGE shows. Its losses, however, hit $2.19 million during the year from $1.31 million in 2022.
Founded in 2018, VFlowTech has developed a modular and scalable VRFB system that is being deployed to address the growing demand for safe, sustainable, and long-duration energy storage solutions.
Its systems have been installed in more than 10 countries, supporting applications across utilities, grid stabilisation, renewable energy integration, and industrial decarbonization.
The company plans to use the new funds to grow its commercial team and deepen its presence in sectors such as utilities, renewable integration, and industrial decarbonization across Asia, the Middle East, and beyond.
“As industries and governments prioritise sustainability, VFlowTech is at the forefront of providing advanced storage solutions that optimise energy usage and reduce environmental impact,” said VFlowTech founder and CEO Dr Avishek Kumar.
VFlowTech’s expansion comes as Singapore positions itself as a hub for sustainability and smart energy technologies, with growing demand for long-duration storage solutions to support the transition to 100% renewable energy and the build-out of electric vehicle infrastructure.
Long-duration energy storage is critical in supporting 100% renewable energy, build out of EV infrastructure, and new energy demand required from accelerated AI adoption,” said Granite Asia venture partner Kheng Nam Lee.
“We believe that VFlowTech and vanadium flow battery technology are well-positioned to capture this market in Asia and beyond,” Lee added.
