StorEn Technologies, a developer of evolutionary vanadium flow batteries with a disruptive patent-pending, all-vanadium flow battery technology, recently announced that Accelerate New York Seed Fund (“ANYSeed”) has become a shareholder. “Over three years ago, in March of 2019, we raised funds from ANYSeed and issued them a convertible note after receiving the financing. If you’re not familiar with how convertible notes work, they are a popular fundraising instrument, a hybrid of debt and equity. They are structured as loans with the option of converting to equity, as opposed to requesting the repayment of the principal plus accrued interest,” a recent article reads, quoting StorEn’s announcement. “We’re so grateful to ANYSeed for converting their note into equity. Thank you for supporting our enduring progress in the path to volume manufacturing. . . . With the help of all our shareholders, like ANYSeed, we are striving to make StorEn a success.”
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About StorEn Technologies Inc.
StorEn has developed evolutionary vanadium flow batteries. Incubated at the Clean Energy Business Incubator Program (“CEBIP”) within Stony Brook University in New York, the company is building upon the strengths of vanadium flow batteries to revolutionize the world of residential and industrial energy storage. StorEn batteries deliver superior performances at a lower cost and fulfill market demand for more efficient and cost-effective energy storage. StorEn takes what vanadium batteries already promise — durability and sturdiness — and utilizes extensive R&D to focus on improving the electrical efficiency of the stack, the energy density of the electrolyte and the module. Through these processes, StorEn creates efficient, powerful, environmentally friendly batteries embedding its international patents. To learn more, visit the company’s website at www.StorEn.tech.
NOTE TO INVESTORS: The latest news and updates relating to StorEn Technologies are available in the company’s newsroom at https://nnw.fm/StorEn
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