Powervault have quickly surpassed £1.25m in their latest crowdcube crowdfunding round, reinforcing why they are the leading British home energy storage company.
This funding launch has coincided with the announcement of Powervaults partnership with Renault UK to pilot their novel “second life” energy storage product, where electric car batteries can be reused to power homes. The 12 months second life trial is set to start this July with M&S Energy, Hyde, and in schools in the Royal Borough of Greenwich.
Powervault are targeting 1m homes with solar PV, and utilities installing smart meters to homes, a market forecast to grow to 20m in five years. The Powervault allows its users take control of their energy in a smarter way by utilising freely-generated solar energy and off-peak electricity to power their home, estimating a drop in electricity bills by up to 20%.
As a portfolio company of Sustainable Ventures, Powervault have we've seen them have three successful previous crowdfunding rounds and seen their team grow from 5 to over 20.
UK Business Angels: UKBAA Awards 2017
Powervault won the "Best Angel-Crowdfunding Investment" at the UK Business Angels Awards, the judges said:
Powervault has effectively used both crowdfunding and angel investment to develop and scale its solar electricity storage product, which addresses the core challenges of cost effectiveness, security of supply and environmental sustainability. Investment has enabled significant growth and major customer contracts.
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