Cell Design and Materials: Alternative Chemistries

Just Under $1B Invested in 2024, $215M Invested in 2025 The United States federal and state governments accounted for about 60% of investment in metal-air/flow battery technologies in 2024. In 2025, private groups bet on companies focused on long duration energy storage and other governments led the charge in project financing including the first investment as a result of the United Kingdom cap and floor scheme. Company Name

Funding Amount $M

Funding Source Lead Investor)

Investment Type

ESS

Yorkville Advisors Global (link)

Post IPO Funding

ESS

Inside Investors (link)

Post IPO Funding

Invinity

Department of Energy Security and Net Zero (link)

Project Grant

VFlow Tech

Granite Asia (link)

Growth

Unbound Potential

SRIND, Innosuis, Migros Pioneer Fund, Zurich KlimUP (grants), Founderful (lead of conventional funding) (link)

Grants and Pre-Seed

H2, Inc.

STIC Investments (link)

Bridge Financing

Quino Energy

Department of Energy and California Energy Commission (link)

Project Grant

Quino Energy

Atri Energy Transition (link)

Series A

XL Batteries

Merrin Investors (link)

Seed

Flux XII

Grantham Foundation (link)

Seed

Agora Energy Technologies

Natural Resources Canada NRCan (link)

Grant

Allegro Energy

Australian Government - Department of Industry Science and Resources (link)

Grant

AVESS Energy

Carbon Innovations Grant Program (link)

Series B

Source: with support with Sightline Climate Distinguished Partner).

Extracted from the PDF; charts and images may read imperfectly.