SEOUL, South Korea, Jan. 22, 2025 /PRNewswire/ -- H2, Inc., an industry-leading vanadium flow battery (VFB) developer and manufacturer headquartered in South Korea, successfully raised $16 million in recent bridge funding, finalized in the second half of 2024. This brings the company's total accumulated funding to $77 million. The round was led by STIC Investments which is one of the largest and a leading private equity firm in Korea, with participation from KRUN Ventures and Lighthouse Combined Investment.
The newly raised capital will be primarily allocated to constructing the company's new, state-of-the-art K2 Plant. This facility will significantly expand H2's manufacturing capacity to 1.2 GWh per annum, marking a major milestone in the global flow battery and long-duration energy storage industry. Scheduled to begin operations in 2026, the K2 Plant will triple the current capacity of the K1 Plant, which stands at 330 MWh per year. The company has already secured the land for the K2 Plant to achieve its target annual production capacity as quickly as possible.
The K2 Plant will focus on producing H2's three flagship VFB products: the EnerFLOWTM 500 series, optimized for 4-hour energy storage applications, and the EnerFLOWTM 600 series, engineered for applications lasting 8 hours or more. The EnerFLOW 600 series incorporates H2's proprietary HYPERSTRUCTURETM technology, which significantly reduces system footprint. The first EnerFLOWTM 640 units are scheduled to be deployed in Spain's largest 8.8 MWh VFB project, with installation planned for mid-2025. In addition to the EnerFLOWTM series, the plant will support the mass production of UL-certified, high-performance 5000-series VFB stacks based on H2's proprietary design. These stacks are a key factor for success in the VFB industry.
Dr. Shin Han, founder and CEO of H2, Inc. stated, "The successful bridge funding strongly validates H2's commercial readiness in terms of product quality and mass production capability. The forthcoming K2 Plant will be a pivotal asset, enabling us to meet the growing global demand for sustainable long-duration energy storage solutions that enhance grid resilience and support renewable energy adoption"