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Qnetic has completed a $5 million funding round, its largest to date, bringing total capital raised in the past year to $7.1 million. This funding will facilitate the setup of a manufacturing facility in California for low-volume production of the Q500 flywheel energy storage systems.

The company aims to assist utilities in integrating renewable energy while ensuring reliability. The capital will also support utility and commercial pilot projects, as well as further testing with partners including EPRI and the National Lab of the Rockies. Qnetic's flywheel systems are designed for high performance and safety, offering a 30-year lifespan and zero risk of thermal runaway.