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Time Energy Storage Raises Nine-Figure Sum in Series A Funding

Time Energy Storage's successful Series A funding signals investor confidence in its high-efficiency, environmentally friendly AOFB technology, poised to capitalise on the growing clean energy market.

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Time Energy Storage Raises Nine-Figure Sum in Series A Funding

Time Energy Storage, a trailblazer in aqueous organic flow batteries (AOFBs), has secured a substantial investment in its Series A funding round. The company raised a nine-figure RMB sum, led by GL Ventures and joined by Bondshine Capital and other investors.

Founded in 2021 by Paul Wang, Time Energy Storage specializes in AOFB research and development. Wang launched the company's first megawatt-level AOFB on October 15, 2021. AOFBs use water-soluble organic substances as electrolytes, making them eco-friendly and perfect for long-term applications. The company's AOFBs achieve an impressive energy efficiency of over 85% on the direct current (DC) side, resulting in an overall efficiency exceeding 70%.

AOFBs have been successfully employed in various projects, including wind and solar power, frequency regulation, peak shaving, and demand-side load shifting in traditional grids. Time Energy Storage's clients are primarily large enterprises with substantial energy and power demands in sectors like electricity, oil, chemicals, and transportation. The company has received collective orders exceeding 1 GWh.

The global market for liquid flow batteries is projected to grow significantly. China alone is expected to deploy up to 4 GW of these batteries by 2025. Currently, the installed capacity of liquid flow batteries in China stands at 220 MW/865 MWh, with related deployments totalling 5 GW/18 GWh.

Time Energy Storage's successful Series A funding round signals investors' confidence in the company's AOFB technology. With its high energy efficiency, environmental friendliness, and proven track record, AOFBs are emerging as a promising solution for energy storage. As demand for clean energy continues to grow, Time Energy Storage is well-positioned to capitalize on this burgeoning market.

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