Just a little over two weeks after launching its latest equity crowdfunding campaign on Crowedcube, UK-based Powervault has successfully secured its initial £750,000 thanks to more than 440 investors.
As previously reported, this is the fourth Crowdcube raise that Powervault has launched. The home battery system company, which was founded in 2012, currently has a pre-money valuation of more than £8 million and aims to enable customers to make smart use of their energy by gathering freely-generated solar energy and off-peak electricity. Powervault’s products reportedly reduce electricity bills and also help 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.”
“Powervault manufactures and operates its award winning, cloud-connected home energy storage appliances, which we estimate can 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. We’re targeting ~1m homes with solar PV, and utilities installing smart meters to homes, a market forecast to grow to 20m in five years.”
To date, Powervault has achieved the following:
Cloud-based smart grid/smart tariff system trialling with utilities including UKPN, discussions with Tonik & M&S- Multiple battery suppliers including Nissan agreement to supply low cost recycled and new lithium ion batteries
- Scalable, outsourced manufacturing facilities
- Next generation product scheduled to launch in 2017 delivering (from our calculations) ROI of >15% with recurring revenue streams, unlocking access to product financing and enabling our “storage as a service” product
Powevault stated that within the next twelve months it is planning 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 a roll out of storage as a service. The company’s latest Crowdcube round is set to close at the beginning of July.
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