Perth-headquartered energy storage technology company Avess Energy has completed a $1 million (USD 650,000) capital raise, via a Series B Convertible Notes (CN) issue, putting into process a number of key developments.
The raise will enable the completion of battery optimisation works, the commencement of the carbon innovation grants program (CIGP), and vanadium flow battery (VFB) deployment of its 50 kW / 250 kWh VFB prototype at the Windimurra Vanadium Project in Western Australia (WA).
On 12 August 2024, Avess announced the signing of a binding memorandum of understanding (MoU) with Perth-headquartered vanadium developer Atlantic Vanadium to demonstrate the prototype.
Image: AVESS Energy
The raise builds on the momentum of the company’s recent $2.5 million grant, awarded by the federal government under the Quad Clean Energy Supply Chain and Diversification Program (QCESCDP), to explore VFB manufacturing opportunities in the Indo-Pacific region.
Avess Managing Director Young Yu said the raise caps off an intense period of capacity building for Avess, having secured $3 million in federal and state government co-funding.
“We are grateful to have the confidence of our new and existing investors, as we position Avess to capture growth opportunities locally and in the Indo-Pacific,” Yu said.
“The raising enables us to finish battery optimisation work, progress with the CIGP and deploy our 50 kW / 250 kWh VFB at Windimurra.”
The raise was supported by Avess directors along with new and existing investors. The CNs were issued at a face value of $50,000, with a 25% discount on equity conversion, maturing 12 months from their date of issue.
Avess Energy is the 50% majority shareholder of South Korean vanadium radox flow battery (VRFB) R&D Company Korid Energy, which has delivered a highly efficient 25 kW VRFB stack, which it says has the potential to outperform the stacks of Tier 1 manufacturers.
Image: Korid Energy
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.