Powervault has proven that successive raises on Crowdcube can be very successful. In the middle of the UK company’s fourth raise, the home battery system with a pre-money valuation of £8,083,548 aims to enable customers to make smarter use of their energy by harnessing freely-generated solar energy and off-peak electricity to power their homes.
The London-based company envisions itself as becoming “as commonplace as a washing machine or dishwasher.” The Powervault team, helmed by Chairman and Lead Angel Investor Simon Acland, Co-founder and Board Member Andrew Wordsworth and Managing Director Joe Warren, has raised over £542,760 from over 280 investors, 70%+ toward the company’s £750,000 target goal for 8.49% equity offered during the current campaign.
Founded in 2012 by Sustainable Venture Development Partners, Powervault continues to receive its support. In 2013, Powervault won grant and prize funding from Innovate UK, Royal Bank of Scotland, Nesta and Climate KIC which enabled development and prototype testing.
Some updated details:
- Battery supply agreements signed with Nissan and Renault to supply low cost recycled and new lithium ion batteries
- Cloud-based smart grid/smart tariff system trials underway with UK Power Networks and energy supplier Tonik
- Innovate UK-funded recycled battery trial with M&S Energy
- Addressable market of millions of homes with smart meters and solar PV
Powervault manufactures and operates its cloud-connected home energy storage appliances, which are estimated to lower electricity bills by up to 20%. Powervault stores low cost electricity from solar panels or the national grid, and releases this stored energy at peak times. The company is targeting about 1 million homes with solar PV and utilities installing smart meters to homes, a market forecasted to grow to 20 million in five years.
According to its campaign, in the next twelve months Powervault aims to launch a new product with second life batteries, larger inverter and energy utility revenues delivering a gross IRR of 15% and secure project financing to start mass roll out of storage as a service. 23 days remain on Powervault’s campaign.
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!