İnci Holding, one of Türkiye's established companies, has acquired a minority stake in Singapore-based VFlow Tech, which operates in the field of energy storage and management, as part of its investment strategy for the business areas of the future. With this investment, İnci Holding will both benefit from VFlow Tech's durable and environmentally friendly battery technology and collaborate with VFlow on production, sales-distribution and business development in Turkish market.
İnci Holding operates in the service, technology and social responsibility sectors, primarily in the automotive supply industry, and is exploring new investment opportunities in the areas of energy storage, automotive technologies - mobility and Industry 4.0 in line with its’ vision "We increase our corporate value over generations by investing globally in future businesses." In this context, the Group announced that it had acquired a minority stake in Singapore-based VFlow Tech, which operates in the field of vanadium redox flow batteries.
VFlow Tech is active in the field of new storage technologies to offset and minimize interruptions in power generation from renewable energy sources. As an alternative to existing technologies such as lead-acid and lithium-ion, the company produces an environmentally friendly and scalable energy storage technology that has a 20-25 years lifespan and can store 4 hours or more. This technology provides improved safety compared to competing technologies, as it ensures there is no burn and no leakage. With its’ ability to operate even at temperatures up to 60 degrees Celsius, it offers a solution to the cooling problem, one of the most critical problems of flow batteries. VFlow batteries have a wide range of applications, including microgrids, renewable energy systems, grid balancing, electric vehicle charging complexes with long-term uninterruptible power requirements. VFlow Tech is headquartered in Singapore with an office in India and mainly serves to Asia, Africa and Australia.
İnci Holding is currently active in the battery business with its’ Japanese partner İnci GS Yuasa, one of the 9 companies under its umbrella. By acquiring the minority shares under the signed agreement, İnci Holding will be able to join the board of directors of VFlow Tech as an observer. In addition, the companies will jointly explore all types of business development opportunities such as project development, production, sales and distribution, and maintenance services in the Turkish market.
Expressing his opinions on the investment, İnci Holding CEO and Board Member Zeki Şafak Ozan said: “Grid-level energy storage is critical in the transition to sustainable energy and is among our focus areas. VFlow Tech accelerates transition to renewable energy while offering a solution to the current bottleneck in efficiency with its’ technology. We are happy to invest in this technology, which offers a long-lasting, efficient and safe solution to the rapidly increasing energy storage need. With the binding framework agreement we signed, we will also have the opportunity to spread this technology in the Turkish market. As İnci Holding, we keep our finger on the pulse with our strategic investments, our clear and focused goals, and our unending energy. “
GS Yuasa has announced the opening of GS Yuasa Europe LTD Headquarters in the UK, which stands as Europe’s largest distribution and warehouse facility, designed to serve as a gateway to the future.