Powervault is a London-based company that designs and manufactures intelligent battery storage systems for homes and businesses. Its products store customers' surplus on-site solar and wind electricity for later use and can arbitrage Time of Use electricity tariffs. This enables homeowners and businesses to take control of their electricity usage, reduce their electricity costs and cut CO2 emissions. The company closed a £3.8M funding round and intends to use the proceeds to accelerate growth and expand operations and its business reach. The round was reported on 27/02/2023 and led by Green Angel Syndicate and its Climate Change Fund. Powervault develops home energy storage products that reduce customers' electricity bills and provide backup power. The company has upgraded to an improved lithium-ion battery version with cloud-based time-of-use tariff management and outsourced manufacturing. It is exploring second-life EV batteries with Nissan and aims to launch a closed-loop lithium-ion product later this year. Powervault has secured commercial interest including a commitment from a large utility to trial its systems and a partnership with Open Energi to evaluate grid services. The company recently hired additional staff and has won industry awards and media coverage that positioned it as a UK market leader. Financially, Powervault is crowdfunding to support sales growth, product development and cost reduction as it moves toward break-even.

Total raised

$6M

Funding rounds

2

Latest round

Equity

Latest activity

Feb 2023