Columbus, Ind.–(business wire)-Today, Cummins Inc. (NYSE: CMI), a global electrical technology leader, announces a $24 million investment in VoltStorage, a leading technology company producing energy storage systems based on environmentally friendly redox flow technology.
Jennifer Rumsey, President and COO of Cummins Inc., said, “Cummins is committed to developing a range of solutions that will enable the success of our customers as we advance our Destination Zero strategy and decarbonize our diverse markets. ” By investing in VoltStorage, we are taking steps to advance solutions focused on grid and energy storage. A comprehensive approach has to be taken to address climate change and all stakeholders will work together to implement it.”
Headquartered in Munich, Germany, VoltStorage was founded in 2016 by Jacob Bitner, Michael Piether and Felix Keefel. The company develops leading-edge battery solutions based on redox flow technology that are sustainable, cost-effective and environmentally friendly. VoltStorage develops and produces commercial storage systems based on ecological vanadium redox flow technology specifically for commercial and agricultural enterprises. In addition, an international research and development team is working on a low-cost iron salt battery, whose properties make it particularly suitable for ensuring base load capacity for wind and solar farms.
With the development of iron salt technology, the company is setting new benchmarks in the field of long-term energy storage, providing a highly cost-effective and resource-saving alternative to wind and solar farms to ensure base load capacity.
“With Cummins, VoltStorage acquires a long-term oriented investor with a deep understanding of our products, market and corporate strategy. This forward-looking investment will enable us to drive VoltStorage’s product and company growth with more energy. Now This is undeniable: Energy storage systems are critical to converting electrical energy supplies to 100% renewable energy. With the newly acquired funding, VoltStorage will be able to provide the technologies needed for this,” explains Jacob Bittner, CEO of VoltStorage.
According to VoltStorage, Cummins’ investment will go toward developing large-scale redox flow storage systems for commercial and agricultural enterprises and residential neighborhoods. In addition, the product development of ferrous salt technology will be accelerated towards commercialization.
About Cummins Inc.
Cummins Inc., a global power technology leader, is a corporation of complementary business segments that designs, manufactures, distributes and services a broad portfolio of power solutions. The company’s products include internal combustion, electric and hybrid integrated power solutions and filtration, including after-treatment, turbochargers, fuel systems, control systems, air handling systems, automatic transmissions, electric power generation systems, microgrid controls, batteries, electrolysers and fuel cells. components are included. the product. Headquartered in Columbus, Indiana (US), since its founding in 1919, Cummins employs approximately 59,900 people committed to empowering a more prosperous world through three global corporate responsibility priorities that are critical to healthy communities Equality of education, environment and opportunity. Cummins serves its customers online through a network of company-owned and independent distributor locations and thousands of dealer locations worldwide and earned approximately $2.1 billion on sales of $24 billion in 2021. Learn more at cummins.com.
About Volt Storage:
VoltStorage GmbH is a technology pioneer for steady flow batteries. VoltStorage develops and produces energy storage systems based on ecological redox flow technology. With its sustainable storage solutions, VoltStorage strives to achieve the vision of making 100% renewable energy available 24/7. VoltStorage has the largest operating flow battery fleet worldwide, along with an international research and development team, and thus has extensive expertise and experience in the development and production of permanent storage technologies. With redox flow technology, VoltStorage is establishing a mass market alternative to lithium-based storage technologies that do not require scarce materials or conflict raw materials, are fully reusable, and have high operational reliability. And so is the durability. For a better and cleaner world for the generations to come.