Qnetic Secures $5 Million for U.S. Manufacturing of Q500 Flywheel Energy Storage Systems
Qnetic has raised $5 million in funding to establish U.S. manufacturing for its Q500 flywheel energy storage systems, building on a previous $2.1 million equity crowdfunding campaign. The capital will be used to outfit a California facility for low-volume production, support utility pilot projects, and expand testing with partners like EPRI and the National Lab of the Rockies over the next 18 to 24 months.
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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.
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