Perth-based Australian vanadium flow battery (VFB) company AVESS Energy has launched a Series B capital raise to drive its growth strategy.
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AVESS is seeking to raise $5 million via a cornerstone placement, with proceeds earmarked for battery construction, business development, operational scaling, M&A, R&D and working capital.
The company’s Australian-owned and made VFBs are on the cusp of commercial deployment. With renewable energy uptake growing, AVESS Energy is uniquely positioned to deliver long-duration energy storage (LDES) technology that offers an efficient and stable power supply.
AVESS Energy expects the capital raise to provide the necessary capital to enhance its market penetration and local manufacturing capabilities.
AVESS Energy managing director Young Yu said, “This capital raise is an exciting chapter for our business and reinforces our commitment to our VFB capabilities and stack technology.
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“With the support of our shareholders we hope to build on the momentum gained since 2020 to position the business for long-term success.”
