Connected Energy Raises £15M in Funding
Connected Energy, a Newcastle upon Tyne, UK-based, second-life battery energy storage specialist, raised £15m in funding.
Backers included Volvo Energy, Caterpillar Venture Capital Inc., the Hinduja Group, Mercuria, and OurCrowd joined existing investors Engie New Ventures, Macquarie, and the Low Carbon Innovation Fund.
The company intends to use the funds to expand operations and its development efforts to move into utility scale project development. .
Led by Matthew Lumsden, CEO, Connected Energy has developed technology to use second life vehicle batteries in commercial battery storage systems. The company has sixteen operational systems across Europe: Belgium, Germany, the Netherlands and the UK with its largest at Cranfield University in Bedfordshire, England.