- StorEn issued ANYSeed a convertible note in 2019; the fund recently converted the note into equity
- ANYSeed supports science and technology-based, early-stage ventures located in downstate New York
- Focused on offering innovative battery storage, StorEn Technologies is leading way in the development of evolutionary vanadium flow batteries
StorEn Technologies, a developer of evolutionary vanadium flow batteries with a disruptive patent-pending, all-vanadium flow battery technology, has announced that Accelerate New York Seed Fund (ANYSeed) has become a shareholder (https://ibn.fm/vJewK).
“Over three years ago, in March of 2019, we raised funds from ANYSeed and issued them a convertible note after receiving the financing,” StorEn announced. “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.
“We’re so grateful to ANYSeed for converting their note into equity,” the announcement continued. “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.”
In partnership with Empire State Development, the Accelerate NY Seed Fund supports science and technology-based, early-stage ventures located in downstate New York (https://ibn.fm/OD9ps). The fund’s mission is to facilitate the transition from laboratory research and ideas into products, processes and services that deliver a financial return to investors. The fund considers projects in the biopharma, materials, tech, med tech, healthcare and energy sectors, with a strong preference for research institution affiliation and intellectual property strength.
With its strong tie to Stony Brook University in New York, StorEn Technologies fits the bill perfectly. Focused on offering innovative battery storage for the 21st century, StorEn Technologies is leading the way forward in the development of evolutionary vanadium flow batteries. The battery pioneer is currently in the middle of a Reg A offering, creating a unique opportunity for investors interested in the future of battery storage.
StorEn is currently in the process of a RegA offering with four different investment tiers; each tier offers a different discount and reward (https://ibn.fm/E4IcJ). With a proprietary product that answers the call for long-lasting, 100% recyclable, safe and affordable energy storage, StorEn and its disruptive, patent-pending, all-vanadium flow battery technology for energy storage holds real promise in a growing market.
The company 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. In part, StorEn’s technology has enhanced the electrical efficiency of the stack and energy density of the electrolyte and module, ultimately reducing costs and improving performance.
The company produces products with a battery life of 25 years and more than 15K cycles. That company takes pride in offering batteries that meet consumers demand for efficient, durable and cost-effective energy storage, enabling self-consumption of self-produced electricity and the transition toward a carbon-free economy.
For more information, 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://ibn.fm/StorEn
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