With the launch last week of electric car maker Tesla’s partial solution for solar-powered home energy storage, British tech start-up Powervault has raised £700,000 through crowdfunding to help them become the leading UK player in the rapidly emerging market with a complete system in a box.
Powervault has developed the UK’s first simple and affordable home energy storage system, enabling homeowners to store electricity they generate from solar panels and cut their electricity bills.
Electric car maker Tesla recently made headlines around the world by unveiling batteries for homes and businesses that charge from solar panels, accelerating interest in the energy storage market. It received reservations worth US$800 million in the first week. Last week Mercedes-Benz unveiled its own product, further evidence of the market opportunity in battery storage linked with renewables.
Powervault, which plans to sell 50,000 home energy storage systems by 2020, took just three and a-half days to reach its £700,000 target through crowdfunding in its second funding round, including £200,000 from the London Co-Investment Fund and £100,000 from Future matters.
The London-based company’s patent pending product is a complete system in a box, including batteries, charger, inverter and control unit, which can be installed by an electrician in an hour. It is compatible with all solar PV systems, and requires no extra equipment or significant rewiring of the home.
By contrast, many other companies, including Tesla, are only selling a battery-based partial solution rather than complete home storage systems. They require spending on additional components, are more complicated to install, and are not compatible with all solar systems.