Energy storage firm secures £3m investment for growth ambitions
PUBLISHED: 14:33 11 January 2018 | UPDATED: 14:33 11 January 2018
A energy storage company has secured £3m to fuel its growth ambitions as it seeks to lead the market.
Connected Energy, which has its technical centre at Hethel Engineering Centre, reuses electric vehicle batteries to create energy storage systems.
The investment has come from finance firm Macquarie Group and energy giant Engie as Connected Energy, which has doubled the size of its Norfolk team to 12 in preparation for the investment, aims to grow both in the UK and in Europe.
Matthew Lumsden, chief executive of Connected Energy, said: “In this uncertain energy landscape we look forward to capitalising on the burgeoning need for grid balancing schemes through energy storage, as well as adding to the sustainability of electric vehicles.”
Connected Energy works with partners such as Renault, which has supplied it with used batteries from its electric vehicles.
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