(Reuters) -Singapore-based VFlowTech has raised $20.5 million to boost production and start distribution of its vanadium batteries in India, as it seeks to encash on the country’s growing renewable energy sector.
VFlowTech said on Wednesday it also plans to use the funds to hire more people in engineering, research and operations, to build local supply chain efficiencies and boost recycling of vanadium, a mineral utilized for making vanadium redox flow batteries used for large-scale energy storage applications.
India aims to achieve net zero carbon emissions by 2070 as it targets greater adoption of cleaner fuel sources. New Delhi aims to reach at least 500 gigawatts of clean energy by 2030 against 172 GW currently.
The funding round was led by Granite Asia and had Antares Ventures, Pappas Capital and others among investors, the company said.
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala)
