Powervault has raised £700,000 on investment crowdfunding platform Crowdcube to become a leading player in the home energy storage market.
Powervault, which plans to rival Tesla’s entry into the market by selling 50,000 storage systems by 2020, reached its funding target in just three and a half days.
According to Powervault, its patent pending system can be installed by an electrician in just one hour, and is compatible with all solar PV systems.
Powervault’s mission is to produce the most affordable battery storage product for the UK market, and plans to partner with PV companies to sell the 2-4kWh systems at an installed prices of £2,000-£2,800.
Powervault managing director, Joe Warren, said: “This is a state-of-the-art, British designed product which will cut homeowners’ electricity bills, increase their energy security and help the UK cut carbon emissions. We’re already making sales and we aim to be a household name in five years, making a significant impact with products in 50,000 homes around the country.”