Based out of Birmingham, Aceleron is a pioneer in sustainable battery technology. Now, the company has secured £2.5 million as it continues to expand its global sales. The funding came 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. With this, the total funds raised by the company account for £5.4 million.
Growth plans ahead
Aceleron will use the investment to build relationships with automotive manufacturers and other major corporates. Also, it will continue to enhance its products. Currently, the company employs around 25 staff and is all set to double its revenue this year.
Amrit Chandan, CEO, said: “I am pleased to have secured further support for our mission of making batteries maintainable to help carefully preserve and nurture our scarce resources. 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.”
Tom Horton, investor at BGF added: ”We’re thrilled to be supporting Aceleron with additional investment to expand its global sales programme and continue the roll out of new products. Aceleron is a hugely exciting business and is well aligned with BGF’s commitment to backing more companies in the field of clean growth. We have already invested over £200 million and backed more than 20 companies in the sector and remain focused on making a meaningful contribution to those businesses that are helping to mitigate or reverse the effects of human activity on the environment.”
Grant Peggie, Director at the British Business Bank, said: “This latest deal shows how the MEIF can support businesses over the course of their growth journey, providing further funding rounds to support product development, expansion and job creation. We would encourage other Midlands’ businesses seeking to reduce their carbon footprint to consider the finance available through MEIF.”
Andy Street, the Mayor of the West Midlands, said: “We want the West Midlands to become the global leader in state-of-the-art battery technology and research, and it is companies like Aceleron that are going to help make that happen. When I visited the firm earlier this year I was blown away by their drive and innovation, as well as their commitment to their home here in our region.
Develops lithium battery platform tech
Founded in 2016 by Amrit Chandan and Carlton Cummins, 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 ten 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.
Recently, it has 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. Now, Aceleron offers products for both domestic and commercial applications and sells to customers in Europe, North and South America, Africa and India.