Newcastle based electricity storage specialist Connected Energy has received a key investment boost of £5m from Sumitomo Corporation, ENGIE and Macquarie Group, amongst others. The business, which has developed the world’s first second use electric vehicle battery storage system available on a commercial basis, will use the funds to grow its operations internationally.
Electricity storage systems are becoming an increasingly important part of the electricity networks infrastructure. Connected Energy’s E-Stor system is a British design that provides the same performance level as first life batteries but with reduced costs and reduced environmental impact.
The company, which is headquartered at Newcastle Helix, now has units in the UK, Belgium, Germany and the Netherlands. The financial adviser for the fundraising was merchant bank Turquoise International who specialise in finance for the energy and environmental sectors.