Connected Energy, UK-based innovator of energy storage solutions, secured an investment worth £3 million from the Macquarie Group, a global investment banking group, and Engie, an international electric utility company.
Connected Energy’s solution (E-STOR) – a British designed technology – offers the possibility of reusing e-vehicle batteries when their lifetime has run out. With this concept the company not only gives the possibility of a circular economy innovation, but also a reduction of system costs, so that these systems become financially viable for a wider range of end users. Furthermore, the second life batteries show a greater exploitation of carbon and energy embedded in the manufacturing process.
Matthew Lumsden, CEO of Connected Energy said: “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. 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.”
Connected Energy already announced several business relationships, amongst others with Renault and other e-vehicle manufacturers. With this support the E-STOR project is expected to grow further in the future.
Source: Connected Energy
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