A UK developer of sustainable and reusable battery solutions, has secured £2m in equity investment.
The new funds will be used to scale the production of its battery technology and expand its reach across global markets including the UK, Europe, Africa and Americas.
The round was led by investor BGF, with participation from existing investor Mercia Asset Management.
Aceleron’s ‘circular economy’ approach to energy storage is designing waste out of the battery manufacturing process, embedding additional sustainability and resilience.
The firm says most lithium-ion batteries are not designed to be reused or recycled at the end of their average 8-10 year lifespan.
Aceleron’s batteries are designed to be repaired, reused and upgraded, rather than replaced, meaning that they are more resilient, reduce future waste and provide significantly better economics over a longer life cycle than conventional technologies, ultimately ensuring long-term sustainability.
The firm’s batteries utilise intelligent management software, allowing remote performance monitoring to enhance battery life. This allows Aceleron to replace or upgrade components when they degrade or when improved products are available. Regular servicing can multiply battery lifespan as much as eight times, from three to 25 years.
“It’s now or never for the green transition,” said Dr Amrit Chandan, Co-Founder and CEO of Aceleron.
“This is a watershed moment for Aceleron and the wider green sector. As we look to sustainably rebuild the economy in the wake of COVID-19, we are seeing governments and companies worldwide recognise that clean energy technology must play a crucial role in building back better.
“We want to blaze a trail for this new, more sustainable green economy. This investment will enable us to significantly increase production to meet growing global demand for truly sustainable battery technology to underpin the clean energy revolution.”
Tom Horton, Investor at BGF, who joins the Board of Aceleron says: “Aceleron has huge potential to deliver real and lasting impact in the energy markets and we are pleased to be backing an ambitious and talented management team who are dedicated to helping to make a meaningful difference in the green transition. As the economy takes a decidedly green turn, BGF is pleased to be supporting pioneering companies like Aceleron and playing our role in funding a green economic recovery.”