Powervault surpasses £1m of investment on Crowdcube

Energy storage company Powervault has amassed £1 million of investment through its latest crowdfunding campaign, with two days left to go.

Powervault surpasses £1m of investment on Crowdcube

The company is now at 145% of its original £750,000 target with £1,090,090 from 558 investors.

The total was bolstered by a new pledge worth £80,000 by the London Co-Investment Fund, on top of the £200,000 invested by the fund last year.

Other investors in this latest round include £195,000 from cleantech investment specialist Green Angel Syndicate, and former SSE chief executive Ian Marchant.

The largest single investment of £200,000 was made by venture capital firm Future Matters.

Powervault’s first fundraising campaign broke a world record in 2014 by raising £150,000 of seed funding in just eight hours and, last year, it raised a further £750,000 in three and a-half days.

The company launched the second generation of its energy storage system late last month, to prepare for the introduction of smart tariffs.

Powervault chief executive Joe Warren said that the confirmation from government that it intends to provide Ofgem with the powers to drive through the move to half-hourly settlement in 2017 has given a boost to the domestic energy storage market ahead of the smart meter rollout.


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