The funding will support team growth and new product development to expand presence in both static energy storage and the automotive sectors.
The round was led by two new blue-chip investors - Legal & General Capital and Barclays Sustainable Impact Capital Programme and supported by all of Brill’s existing investors including Oxford Science Enterprises, Oxford Investment Consultants and Oxford University. Shell Ventures and Climate KIC have also become shareholders.
The investor confidence is driven by Brill Power’s pioneering development of a new way to manage batteries that suffers none of the limitations of previous methods. Brill’s optimised Active Loading method increases battery life by up to 60 percent and allows used batteries to discharge up to 46 percent more energy through a proprietary combination of hardware and intelligent software.
Brill Power’s technology is a key enabler for battery systems in applications including commercial & industrial buildings, on and off grid energy storage, residential homes and electric vehicles in a battery market estimated to be worth $400 billion by 2030. Brill’s solutions are consistent with their new investor interests in partnering with enablers of clean energy generation, including intermittent renewables, as part of the wider shift to clean infrastructure, businesses and technologies.
The company’s plans following investment round are threefold. The company will double its team size across both engineering and commercial operations, while expanding its product range for both static energy storage and for the world’s largest battery market – electric vehicles - based on successful projects completed with Aston Martin, AMTE Power and Delta Cosworth. Finally, the funding will support the next phase in the development of the company’s data platform (BrillAnalytics) to help customers monitor and predict battery safety, health and performance data remotely.
“As we grow our climate and clean energy platform, investing in Brill Power is an exciting move into energy storage technologies that are crucial to enable an increase of renewables on the power grid, electrification of transport, and to power our homes, businesses and key infrastructure” said John Bromley, Managing Director, Clean Energy at Legal & General Capital. “Through extended lifetimes, improved safety, and waste reduction, Brill Power’s work is setting a new standard for how to store and use clean power to accelerate progress to our net zero emissions goals.”
James Ferrier, Head of Sustainable Impact Capital at Barclays, added that reliable and long-lasting storage solutions for renewable energy are going to be vital for a successful and orderly transition to a low-carbon economy.
“Pioneering technology, such as Brill Power’s battery management system, will play an important role and we are excited to be supporting them as they scale and extend their product range” said Mr Ferrier.
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