According to ESG Today, VoltStroage was founded back in 2016 and the company offers energy storage solutions based on vanadium redox flow technology, aiming to deliver an alternative to lithium-based battery storage systems.
The team behind VoltStroage also aims to develop a cheaper iron salt battery, which is a sustainable alternative that can be implemented on solar and wind farms.
Jakob Bitner, VoltStorage CEO, said that "with Cummins, VoltStorage gains a long-term oriented investor with a deep understanding of our products, the market and the corporate strategy. This future-oriented investment will enable us to pursue VoltStorage’s product and company development with even more energy. It is now undisputed: energy storage systems are crucial for the conversion of the electric power supply to 100 percent renewables."
The company plans to use the latest investment for the development of large-scale vanadium-based energy systems that can have commercial and agricultural applications, among other things.
Jennifer Rumsey, President and COO at Cummins, added that "by investing in VoltStorage, we are taking steps to advance solutions focused on the grid and energy storage. Addressing climate change will take a comprehensive approach and all stakeholders working together to execute it."