Connected Energy secures Series B investment led by ENGIE New Ventures to scale technology development
The funding round was led by ENGIE New Ventures with participation from Low Carbon Innovation Fund 2, Sumitomo, and Macquarie.
Connected Energy repurposes electric vehicle batteries at the end of their first life to manufacture commercial energy storage systems. The firm operates across several European markets and supplies modular capacity for various grid and industrial applications.
Connected Energy has secured a Series B follow-on investment led by ENGIE New Ventures, with participation from the Low Carbon Innovation Fund 2, Sumitomo, and Macquarie. The financing is matched by an R&D grant from Innovate UK via the UKRI Clean Growth Innovation Fund. The company will use the capital to scale its development plans and optimise its technology using operational system data.
The funding adds to existing backing from international partners as the firm expands its footprint in energy storage. Its E-STOR technology aggregates used electric vehicle batteries to help stabilise electricity grids and support temporary power requirements at construction sites.
From the founder
"We almost double the working life of the batteries for vehicles and thereby greatly increase the value created from the resources already embedded in them. Our objective is to provide our end-customers with bankable energy storage systems and our battery supply partners with reliable routes to market for their second-life batteries,"
Matthew Lumsden
CEO at Connected Energy
Investor perspective
"One of the energy sector’s biggest challenge is to be able to store large capacities of electricity as intermittent renewable energy generation becomes more widespread. Connected Energy offers ingenious solutions to answer this need while offering a second life to electric vehicle batteries. Its approach provides a strategic fit with ENGIE’s ambition to accelerate the transition towards a carbon-neutral world. Our investment in Connected Energy is a key example of developments in our distributed energy management business like Zero Emissions Services (ZES) in The Netherlands and other projects in Belgium,"
Johann Boukhors
Managing Director, ENGIE New Ventures
Use of funds
- 01Continue product development
Investors
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About the company
Connected Energy
Connected Energy creates modular energy storage systems using second life electric vehicle batteries.