Connected Energy raises additional 15 mn pounds in funding

With an estimated 6.7 million pure EVs operational worldwide and 34.7 million predicted globally by 2030, the potential for battery reuse is vast, as is the need to ensure the resources in the batteries are used effectively, the company said in a release said on Friday.

  • Updated On Jun 18, 2022 at 06:54 AM IST
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Mumbai: Second life battery energy storage specialist Connected Energy has secured an additional 15 million pounds in a funding round from a bunch of investors, including Hinduja Group, for scaling up its operations and moving into utility scale project development, among others. With an estimated 6.7 million pure EVs operational worldwide and 34.7 million predicted globally by 2030, the potential for battery reuse is vast, as is the need to ensure the resources in the batteries are used effectively, the company said in a release said on Friday.

With this investment, Connected Energy aims to scale up its business to utilise a predicted ramp-up in second life battery availability in 2024-25.

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The England-headquartered Connected Energy already has 16 operational systems across Europe -- Belgium, Germany, Netherlands and the UK, with the largest one at Cranfield University in Bedfordshire, England.

Besides, it has a Technical Centre in Norfolk (Virginia).

"A further highly successful round of investment for Connected Energy has secured £15m from five new major investors," it said.

The Hinduja Group is one of the five new investors, which also include Caterpillar Venture Capital Inc, Mercuria, OurCrowd and Volvo Energy to join existing investors Engie New Ventures, Macquarie, and the Low Carbon Innovation Fund with a total investment of £ 15 million, the company said.

"We couldn't be more pleased to welcome our new investors on board and look forward to forging a path to increasing the sustainability of both electric vehicles (EVs) and grid connected energy storage.  I'd also like to thank our fantastic team at Connected Energy whose continuing hard work and commitment is acknowledged by this investment," said Matthew Lumsden, CEO at Connected Energy.

This next phase of investment will enable Connected Energy to scale up its technology and operations in response to a growing energy storage market and increasing international availability of second life batteries.

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When batteries are around 25 per cent degraded, they are often considered unsuited to life in a vehicle but they still have sufficient capacity for up to ten years' more use in a battery energy storage system (BESS), Lumsden said.

Over its lifetime in operation, a second life BESS can save an additional 450 tonnes per MWh of CO2 equivalent compared to using first life lithium-ion batteries, figures which explain the appeal of Connected Energy to investors and customers keen to support carbon reduction targets with meaningful action, the company said.

"In order to grow the second life battery industry, strong pan-value chain relationships will be critical to Connected Energy as it expands, and the company's new investors will complement this effort" said Lumsden.

Turquoise International, UK's leading ClimateTech merchant bank, acted as corporate finance adviser to Connected Energy in the fund raising, as per the release.
  • Published On Jun 18, 2022 at 06:52 AM IST
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