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.
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.”
Along with its funding success, the company was recently named Best Crowdfunding Investment at the UK business Angels Association Awards. Managing director at Powevault, Joe Warren, shared details about the award:
“The award is given for the best combined use of crowdfunding and angel investment and also for the company which shows the clearest evidence of innovation and growth potential. It is an accolade for Powervault, and also for our lead angel investor, Green Angel Syndicate and our crowdfunding platform, Crowdcube and its investors. We’re very grateful to Funding London and Green Angel Syndicate for nominating us. The award is a reflection of the very significant progress that the Powervault has achieved and is a credit to the Powervault team but also all of our investors without whom none of this progress would have been possible.”
Originally seeking £750,000, Powervault quickly raised its initial funding target within a matter of days. The company has also raised well over £2 million over the course of its three other Crowdcube campaigns from more than 1,000 investors. The company decided to extend the campaign for an additional two weeks after capturing over £1.1 million. Funds from the campaign will be used to continue the company’s expansion.
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