£5m global investment boost for North East electric storage firm
North East-based electric storage solution specialist Connected Energy has secured a £5m investment from global firms to boost its ongoing growth.
Sumitomo Corporation, ENGIE and Macquarie Group have all contributed to the investment, which will provide the Newcastle-based company with a platform to deliver its next planned phase of international expansion.
The firm, which received its first investment in 2017, has developed a stationary energy storage system which uses maximises the use of vehicle battery packs, known as the E-STOR system.
With the rise in popularity of electric vehicles both in the UK and internationally, the firm has experienced increasing demand for its system, leading to the investments.
Matthew Lumsden, CEO of Connected Energy, commented: “We’re very pleased with this investment as Sumitomo already has experience of working with second 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 the 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.”
Matthew Booth, senior managing director of Macquarie’s commodities and global markets group, added: “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.”
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