Battery technology pioneer Allye has raised £900,000 in funding.
The London firm incorporates repurposed electric vehicle batteries into distributed energy systems which are held in mobile storage.
Elbow Beach Capital, a decarbonisation, sustainability and social impact investor, invested £650k and was supported by Alpha Future Funds.
Allye’s intelligent battery systems aim to provide grid resiliency while helping businesses overcome rising energy bills by providing cheaper, greener and more accessible energy.
Allye’s software-enabled hardware will initially target industrial and commercial customers, deploying self-learning battery systems at scale. Its first solution, the Max, is a mobile energy storage system providing distributed energy storage at the grid edge.
One system has 300kWh capacity, enough to power a typical factory for two days or 40 homes for a day, this capacity can also be increased by connecting several units together.
The Max aims to bridge the gap between two separate markets: on-grid Battery Energy Storage Systems (BESS) which are bulky, expensive to install and difficult to transport; and off-grid mobile power solutions, such as diesel generators. As a single product, the Max provides a dual purpose for both of these markets, acting as a smarter, mobile alternative to containerised BESS devices, and a cleaner, noiseless alternative to diesel generators.
The proceeds of this round will be used to support the manufacture and launch of the Max with first systems for industrial users expected in Q3 2023. Allye is targeting the installation of 10,000 Max units by 2030 providing an installed capacity of 3GWh. From 2030 onwards, Allye will look to install 5,000 units per year.
“Allye’s innovative technology and the exceptional team behind the company align perfectly with our investment thesis. We are excited to support Allye on their journey as they tackle multiple pain points simultaneously and unlock the vast potential of energy storage solutions,” commented Nick Charman, chairman of Elbow Beach Capital.
In parallel to the Max, Allye is developing further intelligent battery systems for commercial and residential markets to ensure that all businesses and households will be able to benefit from its intelligent distributed energy storage technologies.
If the company’s sales targets and international expansion plans are met, Allye expects to generate £8.5m in revenue next year and £45m in 2025.