Powervault is a British company, headquartered in London. It develops and manufactures the UK’s first fully-integrated solar energy storage system for the home, which stores free renewable energy from solar panels during the day and releases it in the evening when household energy demand peaks.
Powervault was incorporated in 2012 to design and manufacture the most practical and affordable solar energy storage system for the UK house market. The company aims to help home owners lower their electricity bills, increase their energy security and reduce their carbon footprint. It is also focussed on changing consumers’ energy consumption behaviours by encouraging energy efficiency and an off-grid mentality. Powervault hopes to work with energy suppliers and the National Grid to reduce dependency on coal-fired plants by shifting energy demand away from peak times.
Powervault was founded in 2012 by Sustainable Venture Development Partners and continues to receive its support. In 2013, Powervault won grant and prize funding from, amongst others: Innovate UK, Royal Bank of Scotland, Nesta and Climate KIC. This enabled the business to develop and test prototypes, and run product trials in homes. In August 2014, Powervault raised £150,000 in 8 hours on Crowdcube – a world record – just before the business started trading the following month. In 2015, Powervault raised a further £900,000 through Crowdcube and other private investors. This enabled the business to out-source its manufacturing to a professional electronics firm in Luton, and to start to develop its sales channels.
Since April 2010, when the UK Government started offering generous Feed-in and Generation tariffs to home owners generating their own energy from clean technologies, there has been a proliferation of rooftop solar PV installations in the UK; 1 million UK homes are forecast to have solar PV on their roofs by the time the latest revision of tariffs comes into effect on the 8th February 2016.
Simultaneously there are two other established trends, which are currently driving the home energy storage market: rising electricity costs and decreasing storage costs. Electricity costs rose by 41% between 2007 and 2013 and are set to continue rising according to the Department of Energy & Climate Change (1). Meanwhile, Deutsche Bank has calculated that the cost of lithium-ion batteries has halved in a year and is likely to fall by 20%-30% per annum up to 2020 (2). The combination of these factors continues to strengthen the case for renewable energy storage solutions like Powervault.
businessGreen Technology Awards 2015 – ‘Innovator of the Year – Company’
businessGreen Technology Awards 2015 – ‘Solar Innovation of the Year’
RBS Innovation Gateway Awards 2014 – ‘Successful Concept’
crowdcube 2014 – ‘Fastest Successful Crowdfunding Round’
crowdcube 2014 – ‘Best Start-Up'
crowdcube 2014 – ‘Best Entrepreneur’