British start-up raises £700,000 to launch home energy storage system
Published on 2nd Jul 2015
A new technology start-up has raised £700,000 through crowdfunding platform Crowdcube to support the roll-out of its home energy storage system in the UK.
British company Powervault said last week that its energy storage system makes it easy for homeowners to store electricity they generate from solar panels and lower their electricity bills. The company aims to sell 50,000 units by 2020.
The Powervault system stores surplus electricity during the day and slowly releases it in the evening, allowing homeowners to keep their own power for when they need it, rather than exporting it to utilities and paying more to get it back, the company explained. This can cut household energy bills by up to 15% and saves 0.3 tonnes of carbon a year from conventional generation.
The patent pending product is described as “a complete system in a box”, including batteries, charger, inverter and control unit. It is compatible with all solar PV systems, and requires no extra equipment or significant rewiring of the home.
The system can be installed by an electrician in about an hour.
Powervault managing director Joe Warren said: “This is a state-of-the-art, British designed product which will cut home-owners’ electricity bills, increase their energy security and help the UK cut carbon emissions. We’re already making sales and we aim to be a household name in five years, making a significant impact with products in 50,000 homes around the country.”
Powervault has teamed up with solar PV companies to sell systems of between 2kWh and 4kWh at an installed price of £2,000 to £2,800.
