Cleantech start-up hits crowdfunding target on Crowdcube in record time
Green investment news – by Thomas McMullan
27th September 2014
A world record has been set for cleantech funding by UK start-up, Powervault, which secured funding on crowdfunding platform Crowdcube to develop its innovative domestic energy storage devices.
Powervault, which is in the final stages of the EU based Climate-KIC Accelerator programme, hit its £150,000 investment target in under eight hours of launching on Crowdcube.
The company’s product uses an integrated battery and control system to store electricity generated from solar panels during the day and release the stored energy during the evening, effectively giving the homeowner greater management of their green energy while lowering energy bills by 15 per cent.
“Revolution” in localised renewables
“Revolution” in localised renewables
Over half of the investment for Powervault had already been committed by a network of six experienced Angel investors, including venture capitalist Simon Acland, who underlined the potential of both the product and of the start-up’s method of securing funding through online crowdsourcing.
“This is a technology we believe has the potential to catalyse a revolution in localised renewables – a revolution which will see consumers increasingly empowered to dictate their own energy futures,” said Acland. “As such, securing investment from the ‘crowd’ through Crowdcube was a natural progression in Powervault’s development.”
Powervault was founded in 2012 with investment from Sustainable Venture Development Partners. The company has previously secured funding support from Climate-KIC, the UK Government’s Technology Strategy Board, and innovation charity, Nesta. Over the last 18 months Powervault has been a finalist in many of the UK’s clean technology competitions, including Nesta’s Dynamic Demand Challenge, Cleantech Innovate, Shell Springboard Awards, and most recently as finalist in the RBS Innovation Gateway.
“Powervault solves two problems for solar PV owners: using free solar energy when the sun isn’t shining and providing the option of emergency power supply during electricity blackouts,” said Joe Warren, managing director at Powervault.
“This is a technology we believe has the potential to catalyse a revolution in localised renewables – a revolution which will see consumers increasingly empowered to dictate their own energy futures,” said Acland. “As such, securing investment from the ‘crowd’ through Crowdcube was a natural progression in Powervault’s development.”
Powervault was founded in 2012 with investment from Sustainable Venture Development Partners. The company has previously secured funding support from Climate-KIC, the UK Government’s Technology Strategy Board, and innovation charity, Nesta. Over the last 18 months Powervault has been a finalist in many of the UK’s clean technology competitions, including Nesta’s Dynamic Demand Challenge, Cleantech Innovate, Shell Springboard Awards, and most recently as finalist in the RBS Innovation Gateway.
“Powervault solves two problems for solar PV owners: using free solar energy when the sun isn’t shining and providing the option of emergency power supply during electricity blackouts,” said Joe Warren, managing director at Powervault.
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