Granite Asia is spearheading the $20.5 million funding for the manufacture of VRFB systems, VFlowTech.
Other than the existing investors İnci Holding, UntroD Capital, Pappas Capital, Wavemaker Partners, SEEDS Capital and Entrepreneurs First, Antares Ventures, EDBI, MOL PLUS and PSA Ventures also took part in the round.
The raised money is to be used for the expansion of VFlowTech’s 100 MWh production facility in India to a gigafactory and to commission VRFB systems into utility-scale projects, microgrids, and commercial and industrial energy clients.
VFlowTech is an enterprise that was established in 2018, by Avishek Kumar, and has already deployed its VRFB systems in over ten countries. The company is currently busy negotiating with the Indian renewable energy producers to put in place up to 1 GWh of VRFB systems in the next few years.
According to the industry research, the Ministry of New and Renewable Energy (MNRE) in India has reported a rise in renewable capacity by 29.52 GW in FY 2024-25, taking the total to 220.10 GW.
VFlowTech wants to contribute to the objective of 500 GW of non-fossil fuel capacity by 2030 using AI-integrated systems as well as long-duration energy storage. In addition to that, the company will further invest in establishing an AI-levered cloud energy management platform to enhance energy use and provide grid ancillary services.
