AVESS Energy raises $1m in oversubscribed Series A capital raise

  • Announcements
  • 9th April 2024

AVESS Energy – Australia’s next energy storage solution – is delighted to announce that it has successfully raised $1m from sophisticated investors to progress the deployment of the Company’s 50kW/250kWh VRFB, and to boost AVESS Energy’s local manufacturing and production capabilities.

Perth-based energy storage systems company AVESS Energy (AVESS or the Company) is a 50% majority shareholder of South Korean vanadium redox flow battery (VRFB) R&D company KORID Energy and the owner of its cutting-edge stack technology.

The $1m Series A Round 2 capital raise, which included a cornerstone investment by Mr. Ken Brinsden and participation by Executive Chairman Young Yu, and new and existing shareholders – demonstrates strong support for AVESS Energy, VRFB, and its positioning as a decarbonisation solution.

Funds raised via the capital raise will support growth and provide general working capital as the Company works towards the deployment of its locally manufactured 50kW/250kWh VRFB for demonstration.

The successful capital raise enables AVESS Energy to improve business operations while boosting its local manufacturing capabilities in Western Australia and expanding its production capabilities in Queensland and South Korea.

Commenting on the successful capital raise and welcoming Mr Ken Brinsden as a cornerstone investor, AVESS Energy Managing Director Young Yu said:

“AVESS Energy welcomes new and existing shareholders who participated in this raise and wishes to thank them for their outstanding support.

“Ken is one of Australia’s most highly credentialed and experienced mining executives and we are grateful for his support and look forward to welcoming him as a Non-Executive Director.

“Ken will be a key piece in the next phase of our journey as we strive towards becoming a major player in the Australian energy storage sector,” said Mr. Yu.

Commenting on his cornerstone investment in AVESS Energy and VRFB technology, Mr Ken Brinsden said:

“Energy storage is being largely underestimated as a critical technology to the decarbonisation of the global economy.

“Further, VRFB technology has now advanced as a key solution for energy, mining, and utilities to aid in the renewable energy rollout.

“I’m delighted to join Young and the team, and I look forward to making a positive contribution to AVESS Energy as it pursues local VRFB manufacturing and production,” said Mr Brinsden.

AVESS seeks to become Australia’s next energy storage solution, providing a downstream solution to energy, mining, and utilities.