StorEn Technologies

StorEn Technologies

Growth Stage

Renewable Energy Storage

Overview

Raised to Date: Raised: $1,374,076

Total Commitments ($USD)

Platform

StartEngine

Start Date

09/14/2022

Close Date

04/30/2023

Min. Goal
$9,998
Max. Goal
$4,999,998
Min. Investment

$249

Security Type

Equity - Common

Series

Series A

SEC Filing Type

RegCF    Open SEC Filing

Price Per Share

$7.33

Pre-Money Valuation

$60,172,534

Rolling Commitments ($USD)

Status
Funded
Reporting Date

04/30/2023

Days Remaining
Funded
% of Min. Goal
Funded
% of Max. Goal
Funded
Likelihood of Max
Funded
Avg. Daily Raise

$6,053

# of Investors

996

Momentum
Funded
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Year Founded

2017

Industry

Consumer Products, Goods & Services

Tech Sector

Cleantech

Distribution Model

B2B/B2C

Margin

Medium

Capital Intensity

High

Location

Stony Brook, New York

Business Type

Growth

StorEn Technologies, with a valuation of $60.2 million, is raising funds on StartEngine. The company has developed a patent-pending all-vanadium battery technology that promises to provide affordable and long-lasting energy storage. The proprietary technology of StorEn Technologies assures efficient, cost-effective, and durable batteries. StorEn Technologies has secured its first order of $500,000 from an Australian partner, and the first battery was delivered to Brisbane in Q1 2020. Carlo Brovero and Angelo D’Anzi founded StorEn Technologies in January 2017. The current crowdfunding campaign has a minimum target of $9,998.12 and a maximum target of $4,999,998.24. The campaign proceeds will be used for R&D, growth, and expansion.

Summary Profit and Loss Statement

Most Recent Year Prior Year

Revenue

$0

$100,000

COGS

$0

$92,647

Tax

$0

$0

 

 

Net Income

$-1,588,160

$-1,042,756

Summary Balance Sheet

Most Recent Year Prior Year

Cash

$1,923,450

$240,134

Accounts Receivable

$0

$0

Total Assets

$2,678,660

$383,101

Short-Term Debt

$407,243

$531,029

Long-Term Debt

$0

$0

Total Liabilities

$407,243

$531,029

Financials as of: 09/14/2022
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Raise History

Offering Name Close Date Platform Valuation/Cap Total Raised Security Type Status Reg Type
StorEn Technologies 04/28/2024 StartEngine $59,984,469 $518,579 Equity - Common Active RegCF
StorEn Technologies 04/29/2023 StartEngine $60,172,534 $1,374,076 Equity - Common Funded RegCF
StorEn Technologies 12/29/2021 StartEngine $40,400,000 $8,657,825 Equity - Common Funded RegA+
StorEn Technologies 03/14/2020 StartEngine $28,100,000 $1,062,814 Equity - Common Funded RegCF
StorEn Technologies 01/07/2019 StartEngine $25,904,060 $659,824 Equity - Common Funded RegCF
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Price per Share History

Note: Share prices shown in earlier rounds may not be indicative of any stock splits.

Valuation History

Revenue History

Note: Revenue data points reflect the latest of either the most recent fiscal year's financials, or updated revenues directly from the founder, at each raise's close date.

Employee History

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We need alternatives to lithium-ion batteries for large energy storage. And that’s what StorEn Technologies is providing with its vanadium flow batteries.

StorEn’s vanadium batteries have two tanks of electrolyte solution, which store the electrical energy. The electric current travels from one tank to the other and is harvested for use using a cell stack. This system helps prevent discharge — the loss of electric energy — even when the battery isn’t actively supplying electricity. And unlike lithium-ion batteries, their energy storage capacity doesn’t decrease over time. After 30 years of use, vanadium flow batteries still store energy like they’re fresh out of the factory. And customers can use every bit of energy in the battery with no degradation.

The long lifespan of StorEn’s batteries makes them way cheaper in the long run than lithium-ion batteries, even if they are initially slightly more expensive. And unlike lithium-ion batteries, they are also easy to repair. Each component can easily be replaced if needed.

Vanadium flow batteries are bigger than lithium-ion batteries because of their mechanics. But from both a cost and environmental perspective, StorEn’s batteries are a more recyclablenon-toxic, and safer solution than lithium-ion for stationary systems.

So is StorEn Technologies the vanadium flow battery company you should invest in?

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StorEn Technologies on StartEngine 2022
Platform: StartEngine
Security Type: Equity - Common
Valuation: $60,172,534
Price per Share: $7.33

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Follow StorEn Technologies on StartEngine 2022

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