EnerVault develops grid-scale energy storage systems based on a novel redox flow battery and its patented Engineered Cascade™ technology. The technology is designed to transform an inherently safe redox flow battery chemistry into economical and reliable storage solutions. Its systems target large commercial and industrial facilities, renewables support and utility grids. EnerVault intends to use the new capital to establish pilot manufacturing capability and complete a one megawatt-hour system. That 1 MWh system will be installed with partner Raytheon Ktech at a solar installation near Turlock, Calif. To date the company has raised $24.5M, including the $15.5M Series B and $5.5M in grant awards from DOE, CEC and NYSERDA. Enervault develops flow battery systems that use large circulating electrolyte tanks to store and convert chemical energy to electricity, targeting grid-scale storage for renewables. The company’s technology is described as cheaper (reported below $100 per kWh) and safer than alternatives like lithium-ion. Its systems are positioned to store energy from solar arrays and wind farms and to scale to megawatt- and gigawatt-level capacity. Enervault plans to use new funding to build a prototype and then pursue government funding for wider deployments. The company is already ramping hiring and customer recruitment in preparation for commercialization. Financially, Enervault recently raised $3.5M in venture funding and previously received a $650,000 grant from the New York State Energy Research and Development Agency.

Total raised

$19M

Funding rounds

2

Latest round

Series B

Latest activity

Feb 2012