Perth-based Australian vanadium flow battery (VFB) company AVESS Energy (AVESS or the Company) is pleased to announce it has launched a Series B capital raise for select institutional and sophisticated investors.
The Company is seeking to raise $5 million via a cornerstone placement to support its growth strategy, with proceeds earmarked for battery construction, business development, operational scaling, M&A, R&D, and working capital.
Key details of the Series B Capital Raising:
- Target Amount: $5,000,000
- Offer Structure: Equity position of up to 17.6% is immediately available
- Use of Proceeds: Battery construction, business development, operational scaling, M&A, R&D and working capital
- Expressions of Interest Due: Friday, 20th December
- Completion: February 2025
The Company’s Australian-owned and made VFBs are on the cusp of commercial deployment.
With renewable energy uptake growing, AVESS Energy is uniquely positioned to deliver long-duration energy storage (LDES) technology that offers an efficient and stable power supply.
AVESS Energy expects the capital raise to provide the necessary capital to enhance its market penetration and local manufacturing capabilities.
Commenting on the launch of the Series B capital raise, AVESS Energy Managing Director Young Yu said:
“This capital raise is an exciting chapter for our business and reinforces our commitment to our VFB capabilities and stack technology.
“With the support of our shareholders we hope to build on the momentum gained since 2020 to position the business for long-term success,” said Yu.
The global VFB market is valued at USD 242.1 million (2023) and is projected to reach USD 1,782.4 million by 2030, growing at a CAGR of 19.9% between 2024 and 2031[1].
ENDS
[1] https://www.verifiedmarketreports.com/product/vanadium-flow-battery-vfb-store-energy-market/
