British energy storage company Powervault Limited is hoping to accelerate production and roll-out of its new range of home energy storage systems, by generating GBP1.5 million (US$2.2 million) in investment via a crowdfunding campaign. The company is confident that the home energy storage market is about to accelerate and has ambitious plans to become the premier home energy storage company in the U.K.
Powervault prides its home energy systems on being simple and affordable. Its new range has capacities between 2 kWh – 6 kWh and are priced between GBP2,499 – 4,999 (inc VAT). It first started selling its products in 2014, but its second-generation range include some new features, including new battery technologies, improved emergency power sockets, and compatibility with time of use tariffs.
The company is now looking for some extra investment and having had success with crowdfunding campaigns in the past wants to secure the GBP1.5 million it needs via a Crowdcube campaign that launches today. It is particularly interested in generating the funds to accelerate the roll-out of its products, so that the company can be perfectly placed when smart tariffs are launched in the U.K. in 2017.
Smart tariffs enable consumers to buy electricity at cheap prices during times of low demand, and Powervaults home energy storage systems will automatically charge up with when power is cheap and store it for use at peak times. Our new products will allow customers to seize the opportunities of the smart power revolution, commented Powervault managing director Joe Warren. Smart tariffs plus storage will allow them to slash their power bills by buying electricity off-peak, and there will also be opportunities to benefit from helping the national grid to store and use more of the solar or wind energy that it generates.
Powervault believes that home energy storage systems will be a common device in the future to take advantage of the smart meters and to protect homes against power blackouts. We expect energy storage systems will soon be of interest to every home in the country and we aim to sell 50,000 units by 2020 and become a household name, continued Warren. Ultimately we believe that a Powervault in the home will be as common as a dishwasher.
And the company is not scared of competition from big brand names such as Tesla, who have recently begun selling similar systems in the U.K. market. Speaking directly with pv magazine Warren explained, Powervaults products are tailored for the U.K. and offer a number of compelling advantages. Powervaults product is designed to be just the right size for U.K. homes. It is easy to retrofit and can be installed by an electrician in under an hour. Powervaults product is compatible with all solar PV systems.