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Northampton, MA --News Direct-- Cummins Inc.
Cummins Inc., a global power technology leader, is investing $24 million into VoltStorage, a leading technology company producing energy storage systems based on environmentally friendly redox flow technology.
“Cummins is committed to developing a range of solutions that will enable our customers’ success as we advance our Destination Zero strategy and decarbonize our diverse markets,” said Jennifer Rumsey, Cummins’ President and Chief Operating Officer. “By investing in VoltStorage, we are taking steps to advance solutions focused on the grid and energy storage. Addressing climate change will take a comprehensive approach and all stakeholders working together to execute it.”
Destination Zero is Cummins’ strategy to reach the company’s decarbonization goals. Cummins wants to take a leadership role in addressing the world’s climate challenges.
Headquartered in Munich, Germany, VoltStorage develops pioneering battery solutions based on redox flow technology, which is sustainable, reduces costs and is environmentally friendly. VoltStorage develops and produces commercial storage systems based on the particularly ecological vanadium redox flow technology for commercial and agricultural enterprises.
In addition, the international research and development team is working on a low-cost iron salt battery, whose properties make it particularly suitable for ensuring base load capability for wind and solar farms.
With the development of the iron salt technology, the company is setting new standards in the field of long duration energy storage, offering wind and solar farms a highly cost-effective and resource-saving option for ensuring base load capability.
“With Cummins, VoltStorage gains a long-term oriented investor with a deep understanding of our products, the market and the corporate strategy,” said VoltStorage CEO Jakob Bitner. “This future-oriented investment will enable us to pursue VoltStorage's product and company development with even more energy.
“It is now undisputed: energy storage systems are crucial for the conversion of the electric power supply to 100% renewables,” Bitner added. “With the newly acquired funding, VoltStorage will be able to provide the necessary technologies for this.”
According to VoltStorage, Cummins’ investment will go toward developing larger-scale redox flow storage systems for commercial and agricultural enterprises and residential neighborhoods. In addition, product development of the iron salt technology will be accelerated towards commercialization
View source version on newsdirect.com: https://newsdirect.com/news/cummins-invests-in-energy-storage-company-as-part-of-decarbonization-efforts-323378580