Just days before its fourth equity crowdfunding campaign was set to close on Crowdcube, UK-based Powervault announced it was extended the funding round for another 16 days. The Powervault team revealed in a recent update:
“Powervault has seen a great deal of interest in its campaign, receiving investment from more than 750 people, responding to hundreds of business plan requests and talking to dozens of investors by phone and face to face. We know that there is still significant interest in the pitch and have therefore decided to extend our campaign by two weeks. If you are considering an investment and have not already invested we would love to welcome you on board. Raising more money now will help us to deploy funds more quickly and ultimately achieve our vision faster, building a larger and more valuable business.”
Founded in 2012, Powervault 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.
“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. The latest funding round has so far attracted more than £1.1 million from over 800 investors. It is now set to close mid-July.
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