Powervault wins investment from Green Angel Syndicate
Green Angel Syndicate announced its latest investment in the award-winning home electricity storage company Powervault last week, with a £280,000 investment as part of a £1 million round. This is the third investment round in which Green Angel Syndicate has participated. Powervault’s battery based system stores free solar energy and cheap, off-peak electricity from the grid, enabling customers to cut their bills by using stored electricity when it would otherwise be expensive.
Powervault recently won the EDF Energy Blue Lab Challenge, a competition run by the electricity giant to identify the energy innovators with whom it can form a long-term partnership. Powervault’s smart battery systems are modular in design, have a range of available capacities, and are very easy to retrofit to existing solar PV systems. And with a cloud-based system to monitor and control large groups of them across the UK, Powervault represents a scalable way to decentralise storage.
As well as cutting customers’ electricity costs by up to 35%, Powervault’s system reduces customers’ CO2 emissions by an estimated 0.3 tonnes per year per household, increases their energy independence and reduces their reliance on the national grid. It also provides services to the national and local grids, reducing the load during times of peak demand, providing grid balancing services and reducing the need for capital expenditure.
GAS Director and Chairman of Powervault, Simon Acland, said:
Powervault is responding to some of the key trends and needs in the energy sector and it is ideally placed to capitalise on growing consumer awareness. The company is at an exciting juncture and we are delighted to be investors in a company with such wide-reaching potential .
Powervault Managing Director, Joe Warren, said:
Green Angel Syndicate have been very supportive investors for Powervault through three rounds of funding. They are knowledgeable, specialist investors, and have been able to add a lot of value to our business.