Vanadium flow battery maker H2 secures funds for new Korean factory

South Korean vanadium flow battery (VFB) maker H2, Inc. has secured $16 million of bridge funding towards the K2 manufacturing site which is intended to almost treble its annual production capacity in 2026. Bridge funding is typically a short-term injection of finance to help a company until it secures a long-term funding stream.
The K2 site, for which land has been secured, will have a 1.2 GWh annual production capacity and will manufacture H2’s EnerFlow 500, four-hour-storage VFBs; its eight-hour-plus EnerFlow 600 products; and its 5000 series VFB stacks.
The Daejeon-based manufacturer, which operates the 330 MWh-per year K1 plant, said the first of its EnerFlow 640 units will be deployed at an 8.8 MWh VFB in Spain in mid 2025.
The $16 million funding round was led by Korean private equity investor STIC Ventures, H2 announced in a press release on Jan. 21, 2025. Seoul-based seed investor K-Run Ventures, which focuses on businesses in South Korea and Turkey; and venture capital business Lighthouse Combined Investment, also based in Seoul, also participated in the funding round, said H2.
The VFB maker said it had raised a total $77 million in funding to date.