With just seven days until its third Crowdcube initiative comes to an end,UK-based energy company Powervault has secured nearly £1 million from over 480 investors.
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 successfully raised £150,000 during its first Crowdcube campaign in 2014. Powervault then returned to the funding platform last year and captured £707,590. Since its recent campaign, the company 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.
Founder of Powervault, Joe Warren, previously stated:
“Powervault has been transformed since the first Crowdfunding round. We’ve significantly reduced our manufacturing costs and have outsourced manufacturing, rather than assembling the units in house. Building on the stalwart support of our first solar installer, Greenman Solar, our sales have grown substantially and we now are now selling products through four national distributors and many solar installers. Our work to develop major partnerships has seen us partner with Open Energi and Tempus (another #FundedClub business), to help us increase customer savings and provide revenue streams from the ‘smart grid’, with other partnerships in the pipeline. We’re also really excited to be working with Nissan on commercialisation of what we hope to be the world’s cheapest and greenest home energy storage product based on second life Electric Vehicle batteries.”
Funds from this new initiative will go towards sales and marketing (13%), working capital (12%), technical (36%) and general expenses (39%).
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