Columbus, Indiana-based Cummins Inc a global company in power technology recently announced that it is going to invest a total of $24 million in VoltStorage, which is a technology company manufacturing energy storage systems based on environmentally friendly redox flow technology.
With its headquarters in Munich, Germany, VoltStorage was established in 2016 by Jakob Bitner, Michael Peither and Felix Kiefl. The company designs and develops battery technology which works on redox flow technology which is endurable, reduces costs and is environmentally conscious. VoltStorage also works on and produces commercial energy storage systems established on the particular ecological vanadium redox flow technology for commercial and agricultural industries. Additionally, the international research and development team is also developing the low-cost iron salt battery, whose features make it particularly suitable for securing base load capacity for wind and solar farms.
“Cummins is committed to developing a range of solutions that will enable our customers’ success as we advance our Destination Zero strategy and decarbonise our diverse markets,” said Jennifer Rumsey, President and COO, Cummins Inc. “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.”
“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 per cent renewables. With the newly acquired funding, VoltStorage will be able to provide the necessary technologies for this,” explains CEO of VoltStorage Jakob Bitner.
The investment by Cummins will be invested in developing a bigger scale-up of the redox flow storage system for commercial and agricultural businesses and residential neighbourhoods.
