Cheesecake Energy develops a modular energy storage system (branded eTanker) that stores electricity by compressing air and storing heat in inert rock, then converts those stores back to electricity via its compressors and a generator. The company positions the technology as a lower-cost, more sustainable alternative to lithium-ion batteries for applications such as agriculture and transport, with no rare or toxic materials and a design said to be fully recyclable after a 20-plus-year life. Its system emphasizes passive safety and lower fire risk by storing much of the energy as heat in inert rock. Cheesecake is a University of Nottingham spinout based on a decade of research into thermal and mechanical energy storage. The startup will use the £3.5m raise to hire staff, run trial deployments, and explore manufacturing and distribution partners. It previously secured £1m in seed capital and is preparing for a Series A of over £10m in late 2023. Cheesecake Energy develops the eTanker, a modular, containerised system that stores electricity as compressed air and heat for industrial and grid applications. The eTanker is aimed at medium-duration energy storage use cases where batteries are uneconomic and pumped hydro is unsuitable. Its modular packaging targets applications such as local renewable microgrids, electric vehicle fleet charging and heavy industry. The company is progressing its first pilot system with Nottinghamshire County Council to support the council's carbon management plan. Led by CEO Mike Simpson, Cheesecake plans to use recently raised funds to develop its manufacturing capabilities and advance its lead eTanker storage system. The company raised seed funding to support these near-term development and deployment activities. Cheesecake Energy was awarded business support and funding as part of the fourth wave of the Advanced Propulsion Centre (APC) UK’s Technology Developer Accelerator Programme (TDAP). The support comprises grant funding and accelerator support aimed at helping early-stage developers of low‑carbon propulsion technologies become commercially viable. TDAP Manager Josh Denne said APC is committed to working with micro, small and medium organisations developing innovative low‑carbon technologies and that APC hopes the support will help Cheesecake Energy's technology become commercially viable. The APC accelerates the industrialisation of technologies to realise net‑zero emission vehicles and, since its foundation in 2013, has funded over 110 low‑carbon projects involving more than 290 partners. APC states those projects are projected to save over 179 million tonnes of CO2 and have helped participating companies increase turnover by 14–17% and jobs by 8–10%, generating a 17% Gross Value Added uplift. Cheesecake Energy Ltd is registered in England and Wales and is based at the Ingenuity Centre, Triumph Road, Nottingham, NG7 2TU.

Total raised

$6M

Funding rounds

3

Latest round

Series A

Latest activity

Aug 2022