Energy storage company Connected Energy has announced it has secured £3 million ($4.1 million) investment from Macquarie Group and ENGIE in order to pursue its plans for further growth in the UK and Europe.
Connected Energy has developed E-STOR - 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. Reuse of the batteries enables greater exploitation of the carbon and energy used to manufacture the batteries originally, adding to the sustainability credentials of EVs 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.
According to the company, E-STOR will help industrial and commercial customers mitigate their network costs and achieve uninterrupted power. It 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.
“We are delighted that Macquarie and ENGIE have provided this significant financial and management value for our phase of aggressive market growth. We have a tremendous pipeline of demand for battery-based storage systems” said Matthew Lumsden, CEO of Connected Energy.”
Matthew Booth, Senior Managing Director in Macquarie’s Commodities and Global Markets group, added that 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.