Powervault raises $1.1m in crowdfunding for its storage platform


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. "We’re 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."

Popular content

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 it’s great to see them ready to seize the opportunities of this rapidly growing market."

Crowdcube founder Luke Lang added: "It’s 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 crowd’s 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.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.


Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.