Tuesday, June 19, 2018

ViZn Energy Gets $15M Lifeline

Columbia Falls, Montana-based ViZn Energy Systems, the troubled developer of energy storage systems, has received a $15M lifeline, and said on Tuesday that its staff will be returning from "furlough". The company--which laid off all 70 of its employees in March after running out of cash--said it received funding from a "leading energy industry private equity fund" and several of the company's long-standing investors. Names of those investors were not announced. As part of the funding injection, the company said that John Lowell, who had been the company's Chief Operations Officer for the past 6 years, will become CEO of the company. ViZn Energy is developing what i calls "flow batteries" that use zinc-iron chemistry for energy storage. The company says its batteries experience zero capacity fade over 20 years and they have full access to 100 percent of their state of charge.