Amid the global shift toward renewable energy, one of the most pressing challenges is developing efficient, sustainable, and cost-effective energy storage solutions. CENERGY, a pioneering startup based in Vietnam, is laying the groundwork to address this issue by researching, developing, and producing energy storage systems using flow battery technology—particularly Vanadium-Cerium batteries, a promising yet still nascent solution in Southeast Asia.
Unlike conventional lithium-ion batteries, which are commonly used in electronic devices and electric vehicles, flow batteries operate based on an electrochemical reaction between two liquid electrolytes. These electrolytes are stored in separate tanks and circulated through an electrochemical cell to generate electricity. This design allows flow batteries to scale both in power and energy capacity flexibly, making them especially advantageous for large-scale energy storage systems. However, not all flow battery technologies are easy to implement. The Vanadium-Cerium technology that CENERGY is pursuing remains largely uncommercialized globally due to the high demands on materials, system design, and energy conversion efficiency.
For that reason, CENERGY’s journey in technology development goes far beyond adapting an existing global solution. Instead, it is a deep and focused research and development (R&D) effort. According to internal records and insights from the innovation ecosystem, the startup began building a minimum viable product (MVP) in 2022, collaborating with experts in electrochemistry and materials engineering. Rather than rushing to market, CENERGY concentrated on solving complex technical problems, such as stabilizing the electrolyte solution, managing performance degradation over charging and discharging cycles, and optimizing material costs without compromising efficiency.
By integrating Vanadium-Cerium flow battery technology into energy storage systems, CENERGY not only reduces reliance on the power grid but also offers an ideal solution for renewable energy projects like solar and wind power—where storing energy for day-to-night cycles is critical. Compared to lithium-ion batteries, CENERGY’s solution offers superior durability (with over 10,000 charge-discharge cycles), higher safety, and easier recyclability. While flow batteries currently remain more expensive to produce than lithium-ion alternatives, their total cost of ownership becomes more favorable over the full lifecycle in large-scale, long-duration storage applications.
Beyond its technological innovation, CENERGY has also made a mark within Vietnam’s tech startup ecosystem. The startup won third prize at TECHFEST Vietnam’s National Technopreneur Competition 2023, one of the country’s most prestigious technology startup contests. Participating in TECHFEST not only gave CENERGY access to leading experts but also connected the company with technical support programs and business advisory networks. Notably, the event served as a springboard for CENERGY to engage with international investors through Cenergy Holdings—the parent company that owns key industrial subsidiaries such as Hellenic Cables and Corinth Pipeworks.
As of the first half of 2024, Cenergy Holdings—CENERGY’s strategic investor—reported revenues of EUR 812 million, with adjusted EBITDA reaching EUR 119.5 million, a 39% increase year-over-year. In October 2024, Cenergy Holdings successfully raised EUR 200 million through an equity offering, underscoring strong market confidence in its growth prospects, particularly in the clean energy sector where CENERGY operates.
With over 70 years of experience, the company has executed major projects across more than 70 countries and continues to contribute meaningfully to the sustainable development of the global energy industry.
