Energy storage solutions specialist Connected Energy has secured a £3 million investment from Macquarie Group and ENGIE.
Connected Energy has developed the world’s only commercially available stationary energy storage system that uses electric vehicle battery packs after they have completed their useful lives on-board vehicles.
The investment provides the company with working capital to realise ambitious growth plans in the UK and Europe.
The reuse of electric vehicle batteries is a compelling circular economy innovation. Second life enables greater exploitation of the carbon and energy embedded in the manufacturing of the batteries, adding to the sustainability credentials of electric vehicles as well as the electricity system.
Using second life batteries also reduces system costs – making energy storage systems financially viable for a wider range of end users.
Connected Energy’s solution (called E-STOR) is a British designed technology that helps industrial and commercial customers to mitigate their network costs and achieve uninterrupted power.
E-STOR provides the same performance as first life batteries, but at a lower cost and in an environmentally friendly manner.
Connected Energy, based in Newcastle upon Tyne with a technical centre near Norwich, has developed strategic relationships with Renault and other electric vehicle manufacturers and has a promising pipeline of blue-chip clients and projects where it expects to deploy the E-STOR system.
CEO Matthew Lumsden said: “Our E-STOR system is proven, with very positive feedback from customers appreciating its full service offering as well as our low costs and exceptional sustainability credentials.
“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.”