Earlier this week, UK-based Powervault launched a Crowdcube campaign to raise £750,000 for its already award-winning home energy storage product.
Powervault’s product 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.” The product presents its cloud-connected smart grid energy storage system.
The company shared:
“Powervault is selling a cloud-connectedhome energy storage appliance, which our calculations estimate can lower electricity bills by up to 20%. The product stores low cost electricity from solar panels or the national grid, then releases this stored energy when household demand peaks. Powervault is initially targeting 800,000 homes with solar PV panels through our established network of resellers. We’ve achieved 300% of our budget for the first half of the 2016 financial year, in active discussions with national solar operators and utilities and we’ve made our first overseas sale.”
Since April 2015, Powervault 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.
Funds from the new campaign will go towards sales and marketing (13%), working capital (12%), technical (36%) and general expenses (39%).
The initiative has already secured nearly £650,000 from 171 investors. It is set to close at the end of May.
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