Invest in Powervault
Powervault is leading the way in the development of an exciting new mass market IoT product, offering the most practical and affordable system to the UK market.
Powervault’s mission is to help home owners in the UK cut energy costs, increase energy security and reduce carbon emissions. Working alongside a range of partners, including up and coming utility, Tonik, UK Power Networks, Nissan and Renault. Powervault plans to help pioneer a cheaper, greener way to store and use electricity in the UK. These partnerships are exploring how domestic consumers can not only gain access to cheaper, off-peak electricity rates but can also receive payments for smart grid based services.
The emerging home energy storage market is being driven by key trends:
- Rapid growth of solar panels subsidised by Feed-in tariffs. There are already 900,000 on domestic roofs and the figure is expected to reach 1 million by the end of February 2016, which is when the UK Government’s Feed-in tariff will be cut by 65%.
- Rapid fall in the price of batteries. The cost of Lithium-ion batteries has halved in a year and, according to Deutsche Bank, is likely to fall by 20%-30% a year up to 2020 (1).
- Rising electricity prices; up 41% from 2007 to 2013 (2).
The Government says that energy storage is a game-changing technology, which could save the UK £8bn/year as part of a “smart power revolution”.
Powervault was founded in 2012 by Sustainable Venture Development Partners and continues to receive its support. Powervault has won several awards and received over £285,000 in grant and prize funding from organisations including Royal Bank of Scotland, Nesta, InnovateUK and ClimateKIC. Crowdfunding campaigns have raised a total £900,000 from consumers, angel investors and venture capitalists.
Powervault’s first Crowdcube campaign in 2014 raised £150,000 of seed funding in eight hours – a world record. A second campaign in 2015 took just three and a-half days to reach its £700,000 target, including £200,000 from the London Co-Investment Fund and £100,000 from Future Matters.
Our business is at an exciting tipping point. We have a revenue run rate of over £1m and our product category is rapidly expanding in the UK. We plan to dominate the home energy storage sector by continuing to deliver a market leading return on investment for our customers. We have the team and the technology to implement our plan. We are working with four utilities, with a combined domestic customer base of over 1.1m homes, and we are running a trial with UK Power Networks who maintain the electricity network for over 8m homes in the South East.
Powervault requires £2.5m to reach break-even. We intend to raise £2.5m-£5m in tranched investment from a combination of crowdfunding, HNW and strategic institutional investors, with whom we are in discussions. The investment qualifies for EIS relief.
- Position for scaling by signing deals with utilities, large partners and those with international reach.
- Reduce cost further by incorporating innovations like second life batteries
- Increase value by implementing “smart grid” features such as time of use tariffs and “frequency response” revenues
If you are interested in becoming a Powervault investor please fill in the form, below.
Powervault works with a number of partners as we strive to achieve our vision of increasing decentralised energy. Our partners contribute in a variety of ways from testing and refining of individual parts to aesthetic designs and UX streamlining.
Powervault aims to work in partnership with its suppliers to deliver great value, high quality, electricity storage products. We work with suppliers of different battery chemistries, metal work, cabling, PCBs and inverter/chargers. We always welcome new suppliers who think that they can help us to achieve our business aims. If you are interested to be a Powervault supplier please see Powervault’s Purchasing Conditions and contact us at: firstname.lastname@example.org.