H2, Inc.
H2, Inc. gets $18M Series C funding for scaling up flow battery business
H2, Inc., an industry-leading flow battery manufacturer in South Korea has recently finalized securing $18 million in Series C funding. Including this new funding, H2 has successfully raised an accumulated total of $44 million up to date. Particularly H2 has secured $32 million out of $44 million total funding over the last two years, which clearly reflects H2’s recent growth in global energy storage market. Moreover, it means a lot to the whole flow battery industry because H2’s Series C funding in 2022 was made amidst the largest quarterly percentage drop of global venture funding in a decade.
This round includes significant capitals from ‘POSCO New Growth Fund’ which is managed by Korea Growth Investment Corp. and fully funded by POSCO, Korea’s 6th largest conglomerate and world’s 5th largest steel producer. In addition, some of the existing shareholders made follow-on investments, and new investors such as KT&G, Shinhan Asset Management and Hana Financial Group joined the funding. It is notable that most of the funding came from the funds with primary interests in climate tech and ESG (Environmental, Social and Governance).
The new funding will be used to scale up H2’s flow battery business in global market. H2 is currently working on two milestone projects in terms of scaling up the business. The first one is to make US largest 20MWh flow battery energy storage in northern California. A number of EnerFLOW 520s, H2’s all-new 4th Gen. flow battery module, are going to be deployed for the entire project. The second milestone is to build 330MWh per annum flow battery manufacturing plant scheduled to be operational in the first half of 2023. Supported by the Series C funding, a combination of the largest track record in US and scaled-up manufacturing capability will open a new chapter for H2 in utility-scale and long-duration energy storage market.
