VRB Energy, a Canada-based developer of vanadium-based battery technology, has secured $24m in funding from renewable energy producer BCPG.
Founded in 2007, VRB is developing an advanced flow battery technology that uses the chemical element vanadium, as opposed to the lithium found in most battery technology, and claims its batteries have a longer run-time and degrade more slowly than lithium-ion batteries.
The investment will support the deployment of the company’s battery products by allowing it to expand its manufacturing capacity and integrate vanadium processing.
VRB is majority-owned by Ivanhoe Electric, the mining company formerly known as High Powered Exploration, a subsidiary of industrial and manufacturing conglomerate I-Pulse.
Robert Friedland, VRB’s chairman, said: “BCPG is a leader in Asia’s green energy revolution and this investment reinforces our belief that VRB Energy’s game-changing technology will be a catalyst for [the] integration of massive amounts of renewable energy around the region.
“Countries around the world are now committed to net-zero carbon solutions, which will require vast capital investment over the next 25 years in energy storage. We are extremely proud to be bringing forward vanadium-based batteries as a key solution for this global transformation.”