ViZn Energy Systems Raises $15M
COLUMBIA FALLS, MT, ViZn Energy Systems Inc has raised $15 million in funding.
ViZn Energy Systems ("ViZn") announced today that the staff will be returning as the furlough has been suspended after approximately ten weeks. The company is pleased to announce the round of financing which has been led by a leading energy industry private equity fund and several of the company's long-standing investors. John Lowell, who has been serving as the Chief Operations Officer for 6 years, has also assumed the role of CEO.
"This technology is just too promising and the markets are learning that Lithium-Ion batteries are a 'force-fit' for long duration, 20-year duration, utility scale storage," Lowell said. "We are going to take care of our partners, our employees and will make good on all purchase orders for customers in the Americas and Europe. We will finalize the field validation work for megawatt scale systems."
The streamlining of the company will be driven largely by a reduction in the global commercial organization which will likely expand again in 2019. Lowell explains, "As the technology is validated, we will invest in expanding the commercial efforts and super-charging existing partnerships in emerging storage markets like China, India and Australia."
ViZn Energy's flow batteries experience zero capacity fade over 20 years and they have full access to 100 percent of their state of charge, giving them significantly more usable output than competitive batteries. They are also uniquely capable of performing both rapid, high-power discharges and slower, long-duration releases at lower power - unlike other comparable storage technologies which can only do one or the other. The inherently safe zinc-iron chemistry uses globally abundant materials and is non-flammable, non-toxic, and easily recyclable at the end of its life.
About ViZn Energy Systems, Inc.
ViZn Energy Systems, Inc. is an energy storage leader that is deploying a highly versatile zinc-redox flow battery solution for utility, commercial and industrial, and microgrid applications worldwide. The company was founded in 2009 to commercialize an energy storage solution that can perform a broad array of power and energy services for up to 20 years while also providing superior return on investment (ROI) on total system costs. The ViZn solution is safe, reliable, cost effective, and scalable to meet the needs of today's ever-changing energy landscape. For more information, visit: www.ViZnEnergy.com
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