Vanadium ion battery startup Requirement Energy raises $8.9 M Series C from SoftBank Ventures Asia
Requirement Energy, a vanadium ion battery developer, revealed today it has raised a $8.9 million Series C from SoftBank Ventures Asia. The South Korea-based business states its batteries’ advantages over lithium ion consist of less danger of ignition and the ease of sourcing vanadium. The latter is an essential selling point, as electric lorry makers deal with […] Instead of serving as a replacement for lithium ion batteries, nevertheless, Requirement Energy primary executive officer Bu Gi Kim said they match each other. Established in 2013 by researchers from the Korea Advanced Institute of Science and Innovation (KAIST) and the Massachusetts Institute of Technology (MIT), Requirement Energy anticipates one of its main customers to be the energy storage systems (ESS) sector, which the business says is expected to grow from$8 billion to$ 35 billion in the next five years. Standard Energy has currently carried out an overall of over one million battery testing hours, including in a lab, at a certified battery performance test site and in real operations. …
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