H2, Inc. Raises $16 Million to Enhance Flow Battery Manufacturing Capabilities

In a significant move to expand its manufacturing capacity, H2, Inc., a prominent South Korean developer and manufacturer of vanadium flow batteries (VFB), has successfully secured $16 million in bridge funding. Completed in the latter half of 2024, this funding round is led by STIC Investments, a major private equity firm in Korea, with participation from KRUN Ventures and Lighthouse Combined Investment. With this latest funding, H2, Inc.'s total accumulated funding now stands at an impressive $77 million.

A Strong Foundation for Expansion

The newly acquired capital will primarily be directed toward the construction of the state-of-the-art K2 Plant, which is set to significantly enhance H2's production capacity to an annual output of 1.2 GWh. This facility is a pivotal milestone in the realm of global flow battery and long-duration energy storage solutions. Expected to commence operations in 2026, the K2 Plant will triple the current output of the K1 Plant, which has a yearly capacity of 330 MWh. H2 has already secured the land necessary for the K2 Plant to accelerate the timeline to reach its targeted production output.

The K2 Plant will specialize in the manufacturing of H2's flagship VFB products, including the EnerFLOW™ 500 series, designed for applications requiring 4-hour energy storage, and the EnerFLOW™ 600 series, crafted for longer durations exceeding 8 hours. Notably, the EnerFLOW 600 series incorporates H2's proprietary HYPERSTRUCTURE™ technology, resulting in a significantly reduced system footprint. The first EnerFLOW™ 640 units are poised for deployment in Spain's largest VFB project, an 8.8 MWh installation, scheduled for mid-2025.

In conjunction with the EnerFLOW™ series, the K2 Plant will also support the mass production of UL-certified, high-performance 5000-series VFB stacks, underpinned by H2's unique design. These stacks are crucial to the success of the VFB sector, reinforcing H2's commitment to producing innovative and reliable energy storage solutions.

A Vision for the Future

Dr. Shin Han, founder and CEO of H2, Inc., expressed that the successful bridge funding confirms the company’s readiness for commercial operations in terms of product quality and mass production capabilities. He stated, "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."

This funding round and the ambitious plans for the K2 Plant represent important steps forward for H2, Inc. as it continues to establish itself as a leader in the vanadium flow battery market. With the increasing global push for renewable energy and sustainable storage solutions, H2's expansion is well-timed.

The world is leaning more towards sustainable and renewable energy sources, making innovations in energy storage systems essential. H2, Inc.'s proactive approach in ramping up its manufacturing capabilities positions it well to meet future market demands and challenges in the renewable energy sector. As they prepare for the K2 Plant’s operations, the community and industry stakeholders will be watching closely to see how H2, Inc. capitalizes on this investment and further solidifies its role in the energy storage landscape.