A company pioneering sustainable battery technology has raised a further £2.5 million as it continues to expand its global sales.
The latest funding into Aceleron comes from existing investors BGF, the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund, and Mercia’s EIS funds.
It brings the total raised by the company so far to £5.4m.
The funding will enable Birmingham-based Aceleron to build relationships with automotive manufacturers and other major corporates while continuing to enhance its products. The firm, which now employs around 25 staff, is on course to double its revenue this year.
Aceleron has developed a lithium battery platform technology which enables easy repair and reuse over time, thus reducing cost and waste. The lithium-ion batteries used in electric vehicles and for clean energy storage have a typical lifespan of no more than 10 years and cannot be repaired or easily recycled.
Aceleron’s design allows the individual cells to be removed and replaced, rather than having to dispose of the entire battery. Its flagship product, ‘Essential’, is the world’s first battery that is fully maintainable and designed to last a lifetime.
Founded in 2016 by Amrit Chandan and Carlton Cummins, the company now offers products for both domestic and commercial applications and sells to customers in Europe, North and South America, Africa and India.
Most recently it has recently been providing batteries to the NHS test and trace campaign while Amrit and Carlton have been selected as #OneStepGreener Climate Leaders ahead of the COP26 summit in November.
“I am pleased to have secured further support for our mission of making batteries maintainable to help carefully preserve and nurture our scarce resources,” said CEO Chandan.
“The world is waking up to the importance of this mission, with an increased awareness that we are borrowing the resources of our children and thus have a duty of care.
“With the support of this funding, Aceleron will be the foundation of circularity in the battery world whilst positively impacting people around the world.”
Sandy Reid of Mercia added: “Given the focus on clean technology, there is a huge potential market for Aceleron’s products. Sales are increasing year on year and it is already attracting interest from major energy companies and manufacturers.
“The funding will enable it to continue to enhance its products and collect performance data to further build its credibility in the market.”