London cleantech firm secures £2m to expand team

A London cleantech company has announced that it has secured £2m in funding to expand its teams and support the development of its energy storage solutions.

Powervault has successfully secured the funding from various investors, including a £725k growth loan from the Greater London Investment Fund, managed by The FSE Group.

The funding secured in this round will be used to grow its marketing and development teams, as well as to develop new product features.

Joe Warren, Powervault’s CEO, commented: “We’re delighted to close our £2m funding round including support from the Greater London Investment Fund.

“Greener energy is essential for a sustainable future and Powervault is a clean yet simple way for people and companies to save money and reduce CO2 emissions.

“We are at the start of a revolution in the way we generate and use energy.

“Electricity consumption is set to double as we move from heating our homes with gas and fuelling our cars with petrol to using clean renewable energy.

“To do this we need to store wind and solar power which often comes along at the wrong time. Powervault is key to achieving this.”

Paul Shadbolt, Senior Fund Manager for The FSE Group, said: “No one can deny the need to find greener technology to power almost every aspect of life.

“The energy sector is aware of the substantial need to combat climate change which can only support demand for Powervault.

“We are delighted to be supporting Joe and his team as they help people lower their bills and their carbon footprint.”

Maggie Rodriguez-Piza, CEO at Funding London, added: “An accelerated transition to a greener economy is essential to avoid irreversible damage to the environment.

“I believe by supporting companies like Powervault, who are building a sustainable future for all, we are helping change the path of early stage investing.

“We are thrilled to support Joe and the team as they continue their mission to encourage adoption of renewable energy technologies.”