Mark Ansell, Chair of Powervault, and one of the largest investors in the company, said: “This funding round was part of the plan in 2020 when we raised the Future Fund Convertible Loan Notes so long as the company successfully delivered over the following two years. I am pleased to say that we have done so, emerging from the difficult Covid years with a greatly enhanced product range which we believe offers a market leading price/performance. In 2022 we exceeded our revenue budget by over 100%. The investment that we have just raised leaves us debt-free, cash rich and well-placed to capitalise on the growth of the battery-based electricity storage market over the coming years. I would like to thank our existing shareholders and British Business Bank for their continuing support, and to welcome our new investors. We are still open to increasing the size of this investment round by including other like-minded investors.”

Simon Acland, Chair of Green Angel Syndicate and Non-executive Director of Powervault, said: “I have always believed that intelligent behind-the-meter battery storage has a crucial role to play in the modern grid. The recent increase in electricity prices has radically improved the payback on the capital cost of storage. Now, by installing Powervault, home owners and SME’s can do the right thing for the planet, increase the grid’s resilience and improve their energy security, AND make a highly attractive return on their investment, especially in conjunction with solar panels and a time of use tariff.”

Powervault’s ambition is to cement its position and become the undisputed UK market leader for highly functional intelligent battery storage in the brave new world of renewable energy, the smart grid, the internet of things and electric vehicles.

About Powervault – At Powervault we are on a mission to pioneer a sustainable energy future by making battery storage in homes as normal as washing machines. Here in the UK, we design and manufacture intelligent battery storage systems for homes and businesses. Our products store customers’ surplus solar and wind electricity generated on site for them to use later that day, alongside arbitraging Time of Use electricity tariffs, thus empowering homeowners and businesses to take control of their electricity usage and reduce both their electricity costs and their CO2 emissions. Each Powervault’s performance is optimised thanks to the market-leading user interface and the AI in the Powervault smartSTOR software. www.sitebackup.powervault.kerned.com

The Powervault portal showing a typical day optimizing the customer’s use of solar PV and a TOU tariff

About Green Angel Syndicate – Green Angel Syndicate (GAS) is the UK’s largest network of specialist investors fighting climate change. GAS has attracted over 350 members and has invested in 35 companies across the following sectors: energy, transport, buildings, food & agriculture, waste & recycling and environment.

For more information contact investor@powervault.co.uk