Energy production and storage using nanotechnology

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US energy storage company EnerVault raises $15.5m

23 Feb 2012

US energy storage company EnerVault has secured investment worth $15.5m through Series B fundraising.

Investors participating in the round include Mitsui Global Investment (MGI), Total Energy Ventures, 3M, TEL Venture Capital and Commercial Energy of California.

The company has also received a grant worth $5.5m from the US Department of Energy, California Energy Commission and the New York State Energy Research and Development Authority.

EnerVault is developing a storage solution based on redox flow battery technology. The company has now raised funding worth $24.5m.

Richard See, investment partner at MGI, said, ‘Redox flow batteries are creating a new paradigm for grid-scale energy storage. Because you scale the power independently of energy storage capacity, you can tailor the system to the needs of the application.

‘EnerVault’s approach expands upon the fundamental configuring and sizing benefits of flow batteries to yield the best approach for utility-scale electricity. The more energy needed, the lower the costs, so it’s ideally suited for a number of situations where more than an hour or two of storage is needed.’

Craig Horne, founder and CEO of EnerVault, added, ‘There is a high level of interest in our systems for addressing the stationary energy storage market. Utilising our patented engineered cascade technology, we are able to develop large-scale energy storage systems needed in a variety of applications with an unmatched combination of cost-effectiveness, safety and reliability.’

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