UK energy storage developer Connected Energy has secured over £5m investment from a group of investors including Sumitomo Corporation, Engie and Macquarie Group, among others.
The money will provide Connected Energy with a platform to realise the next phase of its international growth plans, the company said.
Connected Energy has developed a stationary energy storage system called E-Stor that uses electric vehicle battery packs after they have completed their useful lives on-board vehicles.
The company has 11 E-Stor systems deployed in the UK, Belgium, Germany and the Netherlands.
Connected Energy chief executive Matthew Lumsden said: “We’re very pleased with this result, Sumitomo already have experience of working with 2nd life batteries and our relationship with Engie has gone from strength to strength since their first investment in 2017.
“The time is now right for us to scale up the business and this investment will enable us to do so. We have some exciting times and projects ahead of us and look forward to further capturing the benefits of the circular economy.”
Sumitomo Corporation Europe department general manager Shingo Hosotani said: “Sumitomo Corporation Group has focused on the broad value chain of electric vehicles and a key focus is the secondary use of electric vehicle batteries.
“By collaborating with CE, we expect to create the new business between mobility sector and energy sector.
“Going forward, we intend to continue identifying changes in the needs of society and contributing to the development of industry across the globe by investing in companies with innovative technology.”
Engie New Ventures managing director Hendrik Van Asbroeck said: “Engie offers innovative and effective energy solutions as-a-service to overcome the challenges of the transition to clean energy for our customers.
“Connected Energy is one of the cornerstones for success with its leading and environmentally friendly energy storage solutions.
“Their specific know how on second life batteries enables ENGIE access new types of storage projects.
“This investment is a further confirmation of the exciting opportunity to develop new business opportunities together.”
Macquarie Commodities and Global Markets group senior managing director Matthew Booth said: “With demand for renewable energy capacity rising globally, we see significant opportunity in partnering with industry to bring new and evolving technologies to market.
“Our expertise in energy markets means that we are uniquely positioned to help Connected Energy realise its potential – helping energy companies and EV manufacturers alike capture the value in 2nd life EV batteries, and delivering sustainable low-cost energy storage.”