The investment boost from C-round financing comes just two months after the company established a new manufacturing base in Zhenjiang, China with a planned annual capacity of 20 gigawatt-hours.
UK-based energy storage firm redT has signed a deal to supply more than 700 megawatt-hours (MWh) of grid-scale systems to support the German grid.
The company said it will initially deliver two 40MWh energy storage projects, using its ‘Gen 3’ vanadium redox flow technology, with plans to roll out a further 690MWh of projects in the future.
Battery storage systems in Germany will scale new heights over the next decade as renewable energy developers become increasingly reliant on the technology, says a new study.
Analysis by the Mannheim-based Centre for European Economic Research (ZEW) shows the vast majority of energy market experts in Germany believe capacity requirements of energy storage systems “will continue to rise”.