French startup Kemwatt and has completed a fundraising round of €1.2 m. with its investors, investment funds Go Capital and Emertec, Ouest Valorisation, Pierre-Yves Divet and its founders (two scientists of the Institute of Chemical Sciences of Rennes, Florence Geneste and Didier Floner, and the CEO, François Huber).
With a team of 9 people, Kemwatt develops an innovative redox flow battery technology for the world market of energy storage, for which it has received several awards. Spurred by the relentless growth of renewable energy, the energy storage market should be extremely dynamic in the next few years and redox flow batteries are in a key position to benefit from this since they can store hours of high power production (MW). The proceeds of this round will be used to further the industrial development of the technology, test the first demonstrators and expand the contacts made with markets in the European Union and the United States.
SOURCE: Kemwatt website