H2, Inc. Secures Landmark 8.8MWh VFB Project in Spain

SEOUL,South Korea,Sept. 2,2024 --H2,Inc. will deploy a 1.1MW/8.8MWh vanadium flow battery (VFB) system in Spain. This is the largest VFB project in Spain. The project to be commissioned by Spain government's energy research institute,CIUDEN,is a Public Foundation for energy research depending on SpanishMinistry for Ecological Transition and Demographic Challenge,aims to deploy a long-duration solution that provides maximum power for 8 hours. H2 successfully won the bid in collaboration with local Spanish companies.

H2 will supply the entire battery system,which is the core of the project. The battery used will be H2's newly developed modular flow battery,EnerFLOW 640. VFB is a more competitive solution than lithium-ion batteries in terms of fire safety and life expectancy,with almost no degradation over 25 years. In addition,it is very environmentally friendly because the vanadium electrolytes can be either recycled or reused after the project period is over. More specifically regarding theEnerFLOW 640,this VFB has the smallest footprint ever achieved with a VFB,thanks to H2's latest high-performance stacks,unique three-block design and HyperBOOST technology. The project is scheduled to be completed in a total of 16 months,with installation targeted for the second half of 2025.

Notably,Spain is a leader in energy transition within Europe,aiming to use renewable energy for over 80% of its total energy generation by 2030 as part of its net-zero targets. To ensure a stable power supply,Spain has set a target to install 20GW of energy storage and has selected vanadium flow batteries as the energy source for an 8 hour long-duration project. The growing demand for large-scale LDES (Long-Duration Energy Storage) across the world highlights how VFB plays in mitigating climate change and achieving carbon neutrality.

H2 is a specializing in flow batteries,with proprietary technology developed in-house and a production capacity exceeding 330 MWh in South Korea. Through this project,H2 has established a cornerstone for entering the European LDES market,with Spain serving as a gateway to the growing market. It strengthens H2's position in the European market,by adding this to the ongoing U.S. largest 20MWh project in California. In other words,H2 is successfully building a diverse market portfolio in the core LDES markets of the U.S. and Europe.

Dr. Shin Han,founder and CEO of H2,stated,"Large-scale LDES are rapidly growing as essential technology to prevent global warming and achieve carbon neutrality,with vanadium flow batteries at the center of this growth. This Spanish project is another strong example of how H2 is leading the global LDES market through the implementation of state-of-the-art flow batteries. H2 will continue to increase the global deployment of its flow batteries,fully utilizing the production capacity lately ramped up significantly. Moreover,H2 is planning to build a second VFB factory in South Korea soon to secure gigawatt-hour scale production. Therefore,you can expect to see many more global activities and projects utilizing H2's top-notch flow batteries"

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