Powervault secures £2m in funding to advance domestic energy storage and expand its team
The company has raised £2m in a funding round featuring a £725k growth loan from the Greater London Investment Fund.
Share allotment filed at Companies House
Powervault designs and manufactures smart energy storage systems for homes to help consumers reduce carbon emissions and lower electricity bills.
Powervault has secured £2m in a new funding round to advance its domestic energy storage technology and expand its workforce. The capital injection features a £725k growth loan provided by the Greater London Investment Fund and managed by The FSE Group.
The company develops smart batteries designed to store excess electricity generated from renewable sources like wind and solar power. Chief executive Joe Warren noted that the funding will help accelerate the transition to zero carbon as domestic electricity consumption is projected to rise.
The proceeds will be directed towards growing marketing and development teams, creating new green jobs, and working on additional product features.
From the founder
"We’re delighted to close our £2m funding round including support from the Greater London Investment Fund. Greener energy is essential for a sustainable future and Powervault is a clean yet simple way for people and companies to save money and reduce CO2 emissions. We are at the start of a revolution in the way we generate and use energy. Electricity consumption is set to double as we move from heating our homes with gas and fuelling our cars with petrol to using clean renewable energy. To do this we need to store wind and solar power which often comes along at the wrong time. Powervault is key to achieving this."
Joe Warren
CEO at Powervault
Investor perspective
"No one can deny the need to find greener technology to power almost every aspect of life. The energy sector is aware of the substantial need to combat climate change which can only support demand for Powervault. We are delighted to be supporting Joe and his team as they help people lower their bills and their carbon footprint."
Paul Shadbolt
Senior Fund Manager, The FSE Group
Use of funds
- 01Grow the team
- 02Continue product development
- 03Invest in sales and marketing
Investors
Categories
About the company
Powervault
Powervault builds smart energy storage batteries for residential properties.