AVESS Energy – Australia’s next energy storage solution – has successfully raised $1 million from sophisticated investors to progress the deployment of the company’s 50kW/250kWh VRFB and its local manufacturing and production capabilities.
The Perth-based energy storage systems company is a 50 per cent shareholder of South Korean vanadium redox flow battery (VRFB) R&D company KORID Energy and the owner of its cutting-edge stack technology.
The $1 million Series A Round 2 capital raise, which included a cornerstone investment by former Pilbara Minerals CEO Ken Brinsden and participation by AVESS Energy executive chairman Young Yu – demonstrates strong support for AVESS Energy, VRFB and its positioning as a decarbonisation solution.
Funds raised will support growth and provide general working capital as the company works towards the deployment of its locally manufactured 50kW/250kWh VRFB for demonstration.
The successful capital raise enables AVESS Energy to improve business operations while boosting its local manufacturing capabilities in Western Australia and expanding its production capabilities in Queensland and South Korea.
Commenting on AVESS Energy’s successful capital raise and welcoming Mr Brinsden as a cornerstone investor, Mr Yu said:
“AVESS Energy welcomes new and existing shareholders who participated in this raise and wishes to thank them for their outstanding support.
“Ken is one of Australia’s most highly credentialed and experienced mining executives and we are grateful for his support and look forward to welcoming him as a non-executive director.
“Ken will be a key piece in the next phase of our journey as we strive towards becoming a major player in the Australian energy storage sector.”
Commenting on his cornerstone investment in AVESS Energy and VRFB technology, Mr Brinsden added:
“Energy storage is being largely underestimated as critical technology to the decarbonisation of the global economy.
“Further, VRFB technology has now advanced as a key solution for energy, mining, and utilities to aid in the renewable energy rollout.
“I’m delighted to join Young and the team, and I look forward to making a positive contribution to AVESS Energy as it pursues local VRFB manufacturing and production.”
AVESS seeks to become Australia’s next energy storage solution, providing a downstream solution to the energy, mining and utilities sectors.
