Hinduja Group, an Indian multinational, has invested £15 million ($18.4 million) along with four other investors in Connected Energy, a developer of energy storage systems based on second-life electric vehicle batteries. The investment will help Connected Energy expand its operations and move into large-scale project development.
Mumbai-headquartered Hinduja Group is one of five new investors in UK-based Connected Energy, which is developing commercial-scale stationary energy storage systems from electric vehicle (EV) batteries. ) used. The Hinduja Group, Caterpillar Venture Capital, Mercuria, OurCrowd and Volvo Energy have together invested £15 million ($18.4 million) in Connected Energy.
Connected Energy will use the proceeds to expand its technology and operations in response to a growing energy storage market and the increasing international availability of second-life batteries. The investment will also facilitate the in-house development of the company’s first large-scale M-STOR system of approximately 20 MW and 40 MWh. The system will use a “stream” of contracted batteries from several original equipment manufacturers to provide long-term operational services to customers.
Connected Energy’s E-STOR technology is independent of the battery. It allows thousands of batteries with varying levels of degradation to be aggregated, monitored and reused as a stationary energy storage system. This technology has been proven, commercialized, scaled and installed in the UK, Belgium, Germany and the Netherlands in collaboration with its network of international partners. Connected Energy already has 16 systems operational at these sites, including the largest at Cranfield University in Bedfordshire, England.
According to Connected Energy CEO Matthew Lumsden, when batteries are about 25% degraded, they are often considered unsuitable for vehicles. However, they still have enough capacity for up to 10 years of additional use in battery energy storage systems (BESS). Over its operating lifetime, a second-life BESS can save an additional 450 tonnes per MWh of CO2 equivalent compared to using first-life lithium-ion batteries.
“To grow the second-life battery industry, strong pan-value chain relationships will be essential for Connected Energy as it expands, and the company’s new investors will complement this effort,” Lumsden said.
Connected Energy is also backed by Engie New Ventures, Macquarie and the Low Carbon Innovation Fund.
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