E-STOR solution provides the same performance as first life batteries but at a lower cost
Site-integrated energy storage solutions provider Connected Energy has secured £3m backing from Macquarie Group and French utility, Engie, to fund growth in the UK and Europe.
Connected Energy has developed the world’s only commercially available stationary energy storage system that uses electric vehicle battery packs after they have completed their useful lives on-board vehicles.
Connected Energy’s E-STOR solution is a British-designed technology that helps industrial and commercial customers to mitigate their network costs and achieve uninterrupted power.
The company claims E-STOR provides the same performance as first life batteries, but at a lower cost and in an environmentally friendly manner.
“We are delighted that Macquarie and ENGIE have provided this significant financial and management value for our phase of aggressive market growth. We have a tremendous pipeline of demand for battery-based storage systems,” said Matthew Lumsden, CEO of Connected Energy.
“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 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 Matthew Booth, senior managing director in Macquarie’s commodities and global markets group.
“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.”
Connected Energy, based in Newcastle upon Tyne with a technical centre near Norwich, has developed strategic relationships with Renault and other electric vehicle manufacturers and claims to have a promising pipeline of blue-chip clients and projects where it expects to deploy the E-STOR system.
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