Connected Energy has secured multi-million pound investment to drive “the next phase of ambitious international growth plans”.
The energy storage specialist’s second successful funding round has seen it seal a caah injection worth over £5mn from Sumitomo Corporation, ENGIE and Macquarie Group. The firm uses second-life electric vehicle batteries to produce energy storage systems and has deployed 11 of these across the UK, Belgium, Germany and the Netherlands.
The new investment package will see it pursue a pipeline of projects varying from 50kW to 20MW.
Matthew Lumsden, CEO of Connected Energy which has an office at the Hethel Engineering Centre, said: “The time is now right for us to scale up the business and this investment will enable us to do so. We have some exciting times and projects ahead of us and look forward to further capturing the benefits of the circular economy.”