AVESS Energy is pleased to announce the completion of a successful $1 million capital raise, via a Series B Convertible Notes (CN) issue, enabling the completion of battery optimisation works, the commencement of the Carbon Innovation Grants Program (CIGP), and VFB deployment at the Windimurra Vanadium Project.
The raise was supported by AVESS Directors along with new and existing investors, demonstrating confidence in the Company’s strong policy alignment, competitive advantage, and de-risked growth strategy.
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.
Proceeds will go towards completing battery optimisation works, and supporting the commencement of the CIGP, and the deployment of AVESS’ 50kW/250kWh VFB prototype at the Windimurra Vanadium Project.
On 12 August 2024, AVESS announced the signing of a binding memorandum of understanding (MoU) with vanadium developer Atlantic Vanadium Pty Ltd (Atlantic) to demonstrate its 50kW/250kWh VFB prototype.
This raise builds on the momentum of the Company’s recent $2.5 million grant, awarded by the Commonwealth Government under the Quad Clean Energy Supply Chain and Diversification Program (QCESCDP), to explore VFB manufacturing opportunities in the Indo-Pacific region.
Commenting on the support of new and existing investors, and the significance of the raising to the CIGP, and Windimurra deployment, AVESS Managing Director Young Yu said:
“This 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.
“The raising enables us to finish battery optimisation work, progress with the CIGP and deploy our 50kW/250kWh VFB at Windimurra,” said Mr. Yu.
With $3 million in government co-funding secured and a clear development runway, AVESS is well-placed to scale our long-duration energy storage technology and support decarbonisation across Australia and the Indo-Pacific.
ENDS
