Battery storage firm Powervault looks set to smash its target in its latest fund raising drive. The company seeks to raise £750,000 through crowdfunding. Three days into the 30-day round, it had topped £500,000.
Last year, Powervault raised £1.4m via the Crowdcube platform, roughly double its target. Having announced trials with UK Power Networks and Marks & Spencer, as well as start-up energy supplier Tonik, the firm is offering significantly less equity this time around.
The company believes its 2kW to 6kW battery storage systems, aimed at the domestic and potentially community and small business market, can unlock value for those with installed solar PV.
It sees the mandated smart meters rollout and growing demand for electric vehicles as further market makers, with revenue opportunities increasing due to the need to balance an electricity system with 34.7GW of renewable generation, much of it intermittent.
According to its Crowdcube pitch, the company plans to launch a ‘next generation’ product later this year, which it claims will deliver return on investment greater than 15%. That suggests a payback period of under seven years. The company said it also plans to offer a ‘storage as a service’ product.
Powervault claims its technology can cut domestic electricity bills by 20% (up to 35% for those on time of use tariffs like Economy 7). But it says arbitrage opportunities via smart tariffs will enable “much larger” savings.
See the Crowdcube pitch here.