Connected Energy develops technology to use second‑life vehicle batteries in commercial battery storage systems and is led by CEO Matthew Lumsden. The company has sixteen operational systems across Europe, located in Belgium, Germany, the Netherlands and the UK, with its largest installation at Cranfield University in Bedfordshire, England. It raised £15m in funding to expand operations and to accelerate development toward utility‑scale project development. Backers on the round included Volvo Energy, Caterpillar Venture Capital Inc., the Hinduja Group, Mercuria and OurCrowd alongside existing investors Engie New Ventures, Macquarie and the Low Carbon Innovation Fund. The company intends to deploy the new capital to grow its project pipeline and scale implementation of its second‑life storage solutions. No revenue or user metrics were disclosed in the article. Connected Energy specialises in reusing electric vehicle batteries to build grid‑scale energy storage systems. The company’s systems range from 300kW behind‑the‑meter units to a 12MW system currently in development, and it is partnering on projects such as a 300kW/360kWh system with Suffolk County Council using 24 second‑life Renault Kangoo batteries. Connected Energy is also leading the Smart Hubs project to integrate a 14.4MWh energy storage system with technologies for decarbonising heat, energy and transport. The business has secured a new £350,000 investment to ramp up its analytic capabilities. Management says the funding will be used to analyse performance data in more detail to improve system efficiency and increase battery life. The company reports its systems are growing in size, using a range of different batteries and providing more diverse services to customers.

Total raised

$19M

Funding rounds

2

Latest round

Equity

Latest activity

Jun 2022