Powervault, a business focused on intelligent electricity storage, has secured a scale-up investment worth £3.8m from both existing and new investors.
Green Angel Syndicate, the only British angel investment syndicate dedicated to battling climate change, has its own Climate Change Fund.
The British Business Bank's Future Fund structure has led to the conversion of the £3.1m loan notes raised in 2020 into an equity investment round.
Ansell, the chair of Powervault and prominent investor, commented that the funding round was part of the plan for 2020, in which the company was to raise a Future Fund convertible loan note provided they achieved their goals in the following two years.
We are delighted to report that we have achieved this goal, despite the trying times caused by the Covid pandemic. Our product offering has been significantly enriched, and we confidently believe that we offer a superior price-quality ratio.
This year, 2022, our revenues surpassed our budget by more than double. Thanks to the investment that has just been received, we are now free of debt, flush with cash, and in a great position to take advantage of the growth of the battery-based electricity storage industry in the years to come.
Our appreciation goes to our existing shareholders and to British Business Bank for their ongoing support. We are delighted to welcome our new investors and are still open to expanding this investment round by bringing in other investors who share our values.
Simon Acland, the head of Green Angel Syndicate and a non-executive director of Powervault, asserted that he has always been convinced that intelligent battery storage installed at the customer's premises is a necessary factor in today's grid system.
The capital cost of storage has seen a substantial return due to the recent rise in electricity prices.
Homeowners and SMEs are able to benefit from the installation of Powervault through their contribution to the environment, an increase in the grid's resilience, a more secure energy source and a financially beneficial return on their investment, particularly when combined with solar panels and a time of use tariff.
Powervault has set its sights on becoming the top choice for battery storage with advanced features in the field of renewable energy, the smart grid, the internet of things and electric cars in the United Kingdom.
Green Angel Syndicate is the most extensive community of investors in the UK dedicated to battling climate change, boasting 355 members and having funded 34 fledgling companies in the energy, transportation, buildings, food & agriculture, waste disposal and environmental sectors.