UK-based Connected Energy's battery storage solution has received a $3 million investment from Australian bank Macquarie Group and French utility ENGIE.The investment will fund the growth of Connected Energy’s unique battery storage systems across the UK and Europe.
This battery storage system is the world’s first commercially available stationary energy storage platform, which uses retired electric vehicle battery packs to provide site-integrated energy storage solutions.
“We are delighted that Macquarie and ENGIE have provided this significant financial and management value for our phase of aggressive market growth,” said Matthew Lumsden, CEO of Connected Energy.
“We have a tremendous pipeline of demand for battery-based storage systems. Our E-STOR system is proven, with very positive feedback from customers appreciating its full service offering, as well as our low costs and exceptional sustainability credentials.
"In this uncertain energy landscape we look forward to capitalising on the burgeoning need for grid balancing schemes through energy storage, as well as adding to the sustainability of electric vehicles.”
The company has partnered with Renault and Jaguar Land Rover over the past two years.
Approximately 90% of the used battery can be effectively recycled. This guarantees the electric vehicle batteries have a lengthened life span, thereby maximising the energy and carbon used to manufacture them.
The recycling initiative adds to the sustainability credentials of the vehicles providing the batteries, as well as to Connected Energy.
Matthew Booth, Senior Managing Director in Macquarie’s Commodities and Global Markets group, said: “We are pleased to have invested in this innovative company, which has developed an environmentally friendly and low cost solution to help meet this need.”
“The provision of energy storage to support grid stability and create a charging network for electric vehicles will be a major theme in power infrastructure over the coming years,” added Booth.
The lack of standardised processing and technologies is currently the biggest challenge in the recycling space. “Everyone is using their own formulation,” said Linda Gaines, an analyst for the Center for Transportation Research at the Argonne National Laboratory in the US.
Image Credit: Ipswich 400