London-based storage startup Powervault has raised £700,000 ($1.1 million) in under four days on crowdfunding investment platform Crowdcube for its new home energy storage system.
The company has produced a patent-pending storage box solution that comprises battery, charger, inverter and control unit. Powervault claims that its system can be installed by one engineer in under an hour and will retail two versions a 2 kWh system priced at £2,000 ($3,140) and a 4 kWh system priced at £2,800 ($4,400). The Tesla will retail in the U.S. at $3,000 for its 7 kWh version and $3,800 for its 10 kWh version. However, these prices are for the standalone battery only.
Designed to meet the energy needs of U.K. households, the Powervault can lower energy bills by around 15% according to the company, and the system is compatible with all solar PV systems.
"This is a state-of-the-art, British designed product that will cut homeowners electricity bills, increase their energy security and help the U.K. cut carbon emissions," said Powervault MD Joe Warren. "Were already making sales and we aim to be a household name in five years, making a significant impact with products in 50,000 homes around the country."
The speed at which the Powervault attracted its crowdfunding target which included a sizeable investment from London Co-Investment Fund and Future Matters attracted the attention of former U.K. energy minister Greg Barker.
"Home energy storage can play a key role in building a low-carbon economy, saving money for homeowners and helping the U.K. to cut its carbon emissions," Barker said. "Powervault is a British company with a British designed product and its great to see them ready to seize the opportunities of this rapidly growing market."
Crowdcube founder Luke Lang added: "Its fantastic that our investor community has been able to invest alongside the London Co-Investment Fund in an innovative tech business like Powervault. It was one of the fastest funding businesses on Crowdcube, demonstrating the crowds appetite to invest in the emerging home energy storage market."
The $1.1 million funding will be steered into further product development, with the company eager to lower its manufacturing costs by 20% and develop a lithium-ion version of the battery. The current Powervault is comprised of 6×12 sealed lead-acid batteries.
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