Last week, UK-based Powervault announced that it has decided to extend its third Crowdcube campaign for two more weeks. This news comes after the energy company successfully secured £1 million.
The company announced in a recent update:
“We have decided to extend our campaign until 10th June. We have seen significant interest in the last week of the campaign and are still talking to investors who have asked for more time before investing. Powervault’s business plan shows a requirement of £2.5m to reach break even, being raised in multiple tranches. Raising more money now will enable us to invest more heavily in sales growth, product development and cost reduction within the next year delivering more value to existing and incoming shareholders alike.”
Powervault’s products reportedly reduces electricity bills and helps customers during black-outs. According to the company, the government says that energy storage is a game-changing technology which could save the UK £8bn/year as part of a “smart power revolution.”
To date, Powevault has achieved the following:
Won “Innovator of the year” and “Solar PV Innovation of the Year” at the BusinessGreen technology awards.- Positioned Powervault as a UK market leader, generating high profile media coverage (Guardian, Sunday Times, FT, Telegraph, BBC Radio 5).
- Started commercial discussions with Nissan to incorporate second life electric vehicle batteries into future versions of our product. Our ambition is to launch the world’s greenest and cheapest closed-loop lithium ion product later this year.
- Developed an improved lithium-ion battery version of our product incorporating cloud based time-of-use tariff management and reducing manufacture costs.
- Outsourced manufacturing.
- Hired six new staff (including Technical Director, Commercial Director, Business Development Manager).
- Secured a commitment from a large utility to perform a trial of Powervault systems and are in early discussions with other utilities.
- Partnered with Open Energi to evaluate providing services to support the national grid.
Powervault successfully raised £150,000 during its first Crowdcube campaign in 2014. It then returned to the funding platform last year and captured £707,590. The campaign is now set to close in 10 days.
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