New wave of funding powers U.S. battery tech and projects

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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