A Newcastle-based energy storage specialist has secured a £3m investment to grow its operations across the UK and Europe.
Connected Energy has developed what it claims is the world’s only commercially available stationary energy storage system that uses second-life batteries from electric vehicles.
Electric vehicle batteries typically have a vehicle life of 8-10 years, but they can still be used for stationary applications after that — extending their life before recycling.
The company has teamed up with Renault and other electric vehicle manufacturers for its E-STOR system, which can be used for load management on industrial and commercial sites, providing a complementary power source at peak tariff times. It has also developed an electric vehicle quick-charge station based on the E-STOR system.
Now, investment banking firm Macquarie and energy company Engie have provided £3m to help Connected Energy expand its business.
According to the company, it has a “promising pipeline of blue-chip clients and projects” where it expects to deploy its battery-based storage system.
Welcoming the investment, Matthew Lumsden, CEO of Connected Energy, said: “In this uncertain energy landscape, we look forward to capitalising on the burgeoning need for grid balancing schemes through energy storage, as well as adding to the sustainability of electric vehicles.”
Matthew Booth, senior managing director in Macquarie’s Commodities and Global Markets group, added: “The provision of energy storage to support grid stability and create a charging network for electric vehicles will be a major theme in power infrastructure over the coming years. We are pleased to have invested in this innovative company which has developed an environmentally friendly and low cost solution to help meet this need.”