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.” It was revealed by the company:
“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.”
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. Powervault noted:
“The Company intends to seek an exit from 2020. Exit options include a trade sale to an OEM (e.g. ABB, Nissan, Indesit), a Utility (EdF, e-On) or consumer product firm or an IPO. Samsung bought smart home firm “SmartThings” for around $200m. ABB bought solar inverter company PowerOne for $1bn.”
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