Birmingham-based Aceleron Ltd
, a UK developer of sustainable and reusable battery solutions, has secured £2 million of investment to push ahead with its global growth plans. The equity investment comprising £1.45 million from BGF and the remainder from existing investor Mercia Asset Management will enable Aceleron to scale the production of its unique circular economy battery technology and expand its reach across global markets including the UK, Europe, Africa and Americas.
Battery storage is a key enabler for renewable energy, electric vehicles and other clean technologies. The global market is already worth $59 billion and is forecast to grow ten times to $546 billion by 2035.
However, existing battery technology comes with the problem of battery waste, as most lithium-ion batteries are not designed to be re-used or recycled at the end of their average 8-10 year lifespan.
The global electric vehicle industry alone could create more than 11 million tonnes of battery waste a year in the next 20 years, enough to fill Wembley Stadium almost 20 times.
Aceleron’s circular economy approach to energy storage is designing waste out of the battery manufacturing process. Its batteries are designed to be repaired, reused and upgraded, rather than replaced, meaning that they are more resilient, reduce future waste and provide significantly better economics over a longer life cycle than conventional technologies.
Dr Amrit Chandan, co-founder and CEO of Aceleron, said: “It is now or never for the green transition. This is a watershed moment for Aceleron and the wider green sector. As we look to sustainably rebuild the economy in the wake of Covid-19, we are seeing governments and companies world-wide recognise that clean energy technology must play a crucial role in building back better.
“We want to blaze a trail for this new, more sustainable green economy. This investment will enable us to significantly increase production to meet growing global demand for truly sustainable battery technology to underpin the clean energy revolution.”
The £2 million investment will support Aceleron, which was founded in 2016, to meet growing international demand, with plans to double its team over the coming year.
Tom Horton, investor at BGF, who joins the board of Aceleron said: “Aceleron has huge potential to deliver real and lasting impact in the energy markets and we are pleased to be backing an ambitious and talented management team who are dedicated to helping to make a meaningful difference in the green transition.
“As the economy takes a decidedly green turn, BGF is pleased to be supporting pioneering companies like Aceleron and playing our role in funding a green economic recovery.”
Andy Gregory, BGF head of investments (UK & Ireland), said: “Aceleron is BGF’s second investment into a pure cleantech company. Until the past couple of years, these companies have typically been at much earlier stages of their development and not yet ready to become bigger businesses.
“But we are now seeing cleantech firms gain greater traction within growing markets, as the spotlight focuses in on net zero. For the UK to meet its ambitious carbon neutral targets, cleantech companies with the right type of solution for the market will need to scale up, and we’re pleased to be backing Aceleron as it works towards this goal.”