- Cummins ( NYSE: CMI ) announced an investment of $24M into Munich, Germany-headquartered VoltStorage, a technology company producing energy storage systems based on environmentally friendly redox flow technology.
- "By investing in VoltStorage, we are taking steps to advance solutions focused on the grid and energy storage. Addressing climate change will take a comprehensive approach and all stakeholders working together to execute it," President, and COO Jennifer Rumsey commented.
- With the development of iron salt technology, VoltStorage is setting new standards in the field of long-duration energy storage, offering wind and solar farms a highly cost-effective and resource-saving option for ensuring base load capability.
- As per VoltStorage, Cummins' investment will go toward developing larger-scale redox flow storage systems for commercial and agricultural enterprises and residential neighborhoods; product development of the iron salt technology will accelerate commercialization.
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Cummins to invets $24M in VoltStorage, energy storage systems producer