H2, Inc., a South Korea-based vanadium flow battery (VFB) developer, announced it secured $16 million in bridge funding during the second half of 2024, bringing its total funding to $77 million.
The round was led by private equity firm STIC Investments, with participation from KRUN Ventures and Lighthouse Combined Investment.
The newly raised capital will fund the construction of H2’s K2 Plant, a cutting-edge manufacturing facility that will triple the company’s annual production capacity to 1.2 GWh by 2026, up from 330 MWh at the existing K1 Plant.
The land for the facility has been secured, and the project is expected to advance rapidly to meet growing demand for long-duration energy storage.
The K2 Plant will focus on producing H2’s flagship EnerFLOWTM 500 and 600 series batteries. The EnerFLOWTM 500 is designed for 4-hour energy storage applications, while the EnerFLOWTM 600, incorporating proprietary HYPERSTRUCTURETM technology, supports storage durations of 8 hours or more with a reduced system footprint.
The company plans to deploy its first EnerFLOWTM 640 units in mid-2025 for an 8.8 MWh VFB project in Spain, the country’s largest to date.
In addition to the EnerFLOWTM series, the K2 Plant will produce UL-certified, high-performance 5000-series VFB stacks, which are critical to achieving high efficiency and durability in the VFB sector.
Dr. Shin Han, founder and CEO of H2, Inc., said the funding underscores the company’s readiness to scale operations.
“The forthcoming K2 Plant will be a pivotal asset, enabling us to meet the growing global demand for sustainable long-duration energy storage solutions that enhance grid resilience and support renewable energy adoption,” he said.
H2’s expansion highlights its ambition to lead the global market for vanadium flow batteries, a technology increasingly sought after to provide grid stability and integrate renewable energy sources.
Business News Asia