British battery storage maker Powervault has secured a £3.8 million investment to scale up operations.
Investors include Green Angel Syndicate, which will see the company grow its workforce and increase production of its storage products.
Its technology records customers’ energy usage; storing cheaper off-peak electricity to use during peak hours.
This saves money not just for the customer but also reduces demand on the grid, Powervault has said.
Homeowners and SMEs are the target of its product, with installed AI tracking consumption patterns of energy systems.
On securing the investment, Chair, Mark Ansell said: “The UK is now the third most attractive clean investment market, following the government’s target for 100% low carbon electricity generation by 2035.
“To achieve this target, battery storage is expected to play a key role. The time is now to act and invest in solutions to support renewable energy, including electricity battery storage.”