With less than a week until its latest equity crowdfunding campaign on Crowdcube comes to an end, UK’s Powervault is now closing in on £1.1 million thanks to nearly 800 investors. The initiative was launched in May and quickly raised its initial £750,000.
Founded in 2012, The home battery system company 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. Its description reads:
“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.”
The company has also raised well over £2 million over the course of its three other Crowdcube campaigns from more than 1,000 investors. Powervault has a pre-money valuation of more than £8 million. 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. Funds from the latest round will be used to continue expansion. It is set to close on Wednesday.
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