Powervault have launched their fourth crowdcube crowdfunding round, with the aim of accelerating their market growth as the business reaches an exciting tipping point for mass market deployment.
Targeting £750k, Powervault have already secured over £400k just two days after launching, showing why they are one the leading energy storage companies in the UK.
This launch coincides with the announcement of Powervaults partnership with Renault UK to pilot their novel “second life” energy storage product, where electric car batteries can be reused to power homes. The 12 months second life trial is set to start this July, with 50 units being installed across the country, which will be served by M&S Energy, Hyde, and in schools in the Royal Borough of Greenwich.
Powervault are targeting 1m homes with solar PV, and utilities installing smart meters to homes, a market forecast to grow to 20m in five years. The Powervault allows its users take control of their energy in a smarter way by utilising freely-generated solar energy and off-peak electricity to power their home, estimating a drop in electricity bills by up to 20%.
Powervault have been a key member of the Sustainable Bridges community, having seen them have three successful crowdfunding rounds, we have also seen their team grow from 5 to over 20.
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