Investment allows EV battery storage system expansion

A stationary energy storage system provider that uses recycled EV battery packs has gained sufficient funds from three energy investors to advance its global growth plans.

United Kingdom-based Connected Energy says it has developed the world’s only commercially available system using second life EV batteries to improve energy resilience and mitigate network and supply costs under its E-Stor brand.

It has now secured more than NZ$9.4 million investment from Sumitomo Corporation, Engie, Macquarie Group and others for a platform to develop its “next phase of ambitious international growth plans”.

Connected Energy already has 11 E-Stor systems deployed in the UK, Belgium, Germany and the Netherlands.

Based in Newcastle upon Tyne with a technical centre near Norwich, the company has developed strategic relationships with Renault and other EV manufacturers and has a growing pipeline of blue-chip clients and projects ranging from 60kW to 20mW.

It says E-Stor provides the same performance as first life batteries, but with a reduced cost and environmental impact to its commercial and industrial customers.

“The time is now right for us to scale up the business and this investment will enable us to do so,” Connected Energy chief executive officer Matthew Lumsden says.

A resilient electrical network to accommodate these diversified energy resources will become increasingly important and energy storage systems are expected to be critical parts of the system, he says.

Sumitomo Corporation Europe’s Shingo Hosotani says it has focused on the broad value chain of EVs, and secondary use of their batteries is key.

“By collaborating with CE, we expect to create the new business between mobility sector and energy sector.”