Singapore, May 7th 2025 –  VFlowTech Pte. Ltd., a Singapore-based leading innovator in long-duration energy storage (LDES) technology, today announced the successful close of its Series A2 financing round. The round was led by Granite Asia, with participation from MOL PLUS, EDBI, PSA Ventures, Antares Ventures, and returning investors UntroD, Wavemaker Partners, Inci Holdings, SEEDS Capital, and Pappas Capital.

VFlowTech develops vanadium redox flow batteries (VRFB), a key technology for LDES. UntroD, which led VFlowTech’s Series A round in 2022, reaffirmed its commitment by joining the latest round. MOL PLUS—the corporate venture arm of Mitsui O.S.K. Lines (MOL) and a strategic partner of UntroD—also came on board as a new investor. Additionally, Hokkoku Financial Holdings, another UntroD corporate partner, provided Southeast Asia’s first venture debt facility for an energy storage company, underscoring strong investor confidence in VFlowTech’s LDES solutions.

Since its founding in 2018, VFlowTech has been advancing the energy transition across Southeast Asia, India, and beyond by developing and deploying LDES solutions for communities, industrial customers, and utility providers. In 2020, the company was a finalist in the Tech Planter Singapore program—hosted by Leave a Nest, UntroD’s sister organization—and joined the Global Innovation Alliance manufacturing program in 2022. UntroD’s lead investment in the Series A round marked a key milestone in VFlowTech’s commercial scale-up.

“We’ve been impressed by VFlowTech’s remarkable achievements in advancing sustainable energy solutions.Their vision aligns with our commitment to fostering impactful technologies that address global energy challenges.” said Henry Tao, Director at UntroD Capital Asia.

Sakamoto (CEO of MOL PLUS) added, ” We find two attractions in VFlowTech. The first is that their technology has the potential to be deployed in larger-scale facilities, such as port terminals. The second is their focus on Southeast Asia and India,which are also MOL’s focus. We will continue to contribute in business collaboration.”

As part of this collaboration,  MOL PLUS, MOL Asia Oceania and VFlowTech signed a Memorandum of Understanding  in October 2024 to explore the deployment of VRFB technology in the maritime industry. This initiative aligns with MOL Group’s ambition to pioneer carbon-neutral port solutions, reinforcing its sustainability agenda.

In parallel, CC Innovation Singapore Pte. Ltd. (Managing Director: Michiaki Kawa; hereinafter “CCIS”), an LP and corporate partner of UntroD, has provided venture debt to VFlowTech, marking its inaugural venture debt deployment in Southeast Asia. Part of the Hokkoku Financial Holdings, CCIS is broadening the group’s traditional banking services to actively support the startup ecosystem in Southeast Asia.

“We are thrilled to see Hokkoku Bank’s diversified capital solutions bolster VFlowTech’s working capital needs,” said Kawa-san. “This collaboration underscores the growing role of innovative financial instruments in advancing sustainable development across Southeast Asia.”

UntroD, MOL Group, and Hokkoku Bank are united in their shared mission to accelerate the transition to a net-zero future. These strategic investments and partnerships solidify VFlowTech’s position as a trailblazer in clean energy innovation and a critical enabler of the global energy transition.

VFlowTech is a Singapore-based energy storage company specializing in vanadium redox flow battery technology. VFlowTech provides reliable, sustainable, and scalable energy storage systems, VFlowTech plays a crucial role in advancing the global net-zero agenda and supporting the sustainable development of energy infrastructure.

UntroD Capital Asia is a leading deep-tech VC firm dedicated to fostering impactful technologies that drive sustainable growth. As the manager of the Real Tech Global Fund, UntroD Capital Asia partners with innovative startups and businesses addressing global challenges in sectors such as energy transition, sustainable agri-food, and industrial manufacturing. UntroD’s hands-on approach and industry network provide portfolio companies with the resources and expertise needed to scale their operations and achieve lasting impact.

Mitsui O.S.K. Lines (MOL), headquartered in Tokyo, is a leading shipping company with the world’s second-largest fleet of about 900 vessels and the largest LNG fleet globally. It is developing various social infrastructure businesses, technologies, and services centered on marine transport to meet the ever-changing needs of society, such as environmental protection. MOL’s fleet includes dry bulkers, LNG carriers, car carriers, container ships, and tankers. In addition to the traditional shipping business, it is also developing social infrastructure businesses such as container terminals, logistics, and offshore wind power, as well as wellbeing life businesses such as real property, cruises, and ferries.   

MOL PLUS is a Corporate Venture Capital driving force for MOL. MOL PLUS invests in a wide range of early- and middle-stage startup companies around the world that have the potential to reform ocean shipping business models and create new businesses in the shipping industry from a medium- to long-term perspective.

Established in 1943, Hokkoku Bank is a regional financial institution headquartered in Kanazawa, Ishikawa Prefecture, Japan. The bank offers a comprehensive suite of services, including savings and current deposits, loans, domestic and international remittances, and trade financing solutions. With a robust presence in the Hokuriku region and offices in major Japanese cities, Hokkoku Bank is committed to supporting local economies and fostering sustainable development. CC Innovation, a subsidiary of Hokkoku Financial Holdings, specializes in delivering innovative financial and consulting solutions, reinforcing their commitment to regional development and global business integration.