XL Batteries has secured backing to commercialize flow battery systems which use an organic electrolyte, rather than vanadium, and two utility-scale developers have landed extensive credit lines.
The announcement of $7.5 million of funding for a Massachusetts company to scale its organic flow battery technology capped a 24-hour period this week which saw almost $900 million of European, US, and South African loans committed to US energy storage.
Marlborough-based XL Batteries on Wednesday said the $7.5 million secured from New York-based venture capital backer Merrin Investors will enable it to commercially scale its long-duration energy storage flow batteries.
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