An innovative and award-winning home battery system, Powervault can lower electricity bills by 20%. Since its previous rounds on Crowdcube, the company has grown its team to 18 employees, implemented a scalable manufacturing solution and lined up a new product launch for later this year.
Powervault manufactures and operates its award winning, cloud-connected home energy storage appliances, which we estimate can lower electricity bills by up to 20%. Powervault stores low cost electricity from solar panels or the national grid, and releases this stored energy at peak times. We’re targeting ~1m homes with solar PV, and utilities installing smart meters to homes, a market forecast to grow to 20m in five years.
Other achievements include:
• Cloud-based smart grid/smart tariff system trialling with utilities including UKPN, discussions with Tonik & M&S
• Multiple battery suppliers including Nissan agreement to supply low cost recycled and new lithium ion batteries
• Coverage in Times, Telegraph, Guardian, Bloomberg, Radio 5
• Scalable, outsourced manufacturing facilities
• Next generation product scheduled to launch in 2017 delivering (from our calculations) ROI of >15% with recurring revenue streams, unlocking access to product financing and enabling our “storage as a service” product
• Team grown from 7 to 18