Published: 13 Apr 2023, 16:30
Image: Powervault
London-based company Powervault has secured £3.8 million from climate change investors to develop its battery energy storage manufacturing capabilities.
The company uses behind-the-meter smartSTOR software in its AI battery storage which intelligently learns customer usage to store cheaper off-peak electricity to use during peak hours.
Investors including Green Angel Syndicate and its Climate Change Fund are behind the new funding, which has also triggered the conversion of £3.1 million in loan notes raised in 2020 under the British Business Bank’s Future Fund structure.
The investment will help Powervault scale up their manufacturing capabilities, which are based in London. The company was founded in 2012 and aims to support the UK’s green energy transition by making its products in the UK.
Mark Ansell, investor and chair of Powervault, said: “The investment that we have just raised leaves us well-placed to capitalise on the growth of the battery-based electricity storage market in the coming years. The UK is now the third most attractive clean investment market, following the government’s target for 100% low-carbon electricity generation by 2035.”
Powervault has previously won investment from UK Power Networks, and its batteries have already been used to provide flexibility for Western Power Distribution’s grid network in Somerset. In 2019 they signed an integration agreement with tech platform Kaluza to optimise the grid-level flexibility of Powervault batteries.
Powervault said in a statement that “battery storage allows homeowners and businesses to take control of their electricity usage and reduce their electricity costs and CO2 emissions. Operating battery storage alongside solar panels or wind turbines enables energy consumption to remain off-grid for longer, even when the sun isn’t shining or on still days.”
As well as storing excess generated power on-site Powervault batteries can also charge from the grid, storing off-peak electricity to use during peak hours using its smartSTOR software. The smart software uses artificial intelligence (AI) technology that optimises storage based on customer behaviour, weather and tariffs.