Connected Energy (
www.c-e-int.com), which is based at Newcastle’s Science Central, has secured £3 million from global banking group Macquarie and multi-national utility company Engie.
This will help it to expand further in the UK and Europe.
The company has developed a stationary energy storage system that re-uses electric-vehicle battery packs after their life on the road has come to an end.
The re-use of electric vehicle batteries is a compelling circular economy innovation.
This second life allows further exploitation of the carbon and energy used to make the batteries.
Connected Energy’s E-STOR system helps industrial and commercial customers to mitigate their network costs and achieve uninterrupted power.
It is said to provide the same performance as first-life batteries, but at a lower cost. The company has already developed strategic relationships with Renault and other-electric vehicle manufacturers.
Matthew Lumsden, Connected Energy CEO (pictured), said: “We are delighted that Macquarie and Engie have provided this significant boost for our phase of aggressive market growth.
“We have a tremendous pipeline of demand for battery-based storage systems.
“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.”
Macquarie director Matthew Booth said: “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.”