Storelectric, the electricity storage company, has announced £1 million in additional funding as the company rolls out its proprietary-technology solution for storing and using renewable energy.
The funding round came from green tech investors 350PPM alongside employees from a major US institution. This round brings total investment in Storelectric to over £1 million as the company opens a further round of investment to private individuals using 350PPM’s Envestry platform.
Storelectric said it provides a solution to the global problem of large-scale energy storage and is aiming to change the face of the energy market as governments try to meet global climate change targets.
It aims to store energy on a large-scale using Compressed Air Energy Storage.
Storelectric’s Compressed Air Energy Storage enables a surplus of wind or solar power to be stored underground where the surplus energy is used to store air in salt caverns, a type of underground reservoir. The air is then compressed to store energy. When the energy is needed the air is released. The pressure difference generates usable energy again.
During the past year, Storelectric has won the NAM70 Challenge seeing the company receive backing from Shell and Exxon as well as €50,000 to further expand initiatives in The Netherlands.
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Jeff Draper, CFO and co-founder, said: “We might not think about it often, but we all depend on a stable electricity supply system to provide us with the energy we need to run our lives on demand.
“This demand is rising, as electricity must be generated in the same instant as it’s needed. At the same time, the world global electricity supply must be switched from polluting fossil fuels to clean renewable sources such as wind or solar.
“Most renewable sources are intermittent, only creating electricity when the sun shines or the wind blows, and therefore completely unrelated to when we need it.
“We’re growing rapidly, with our first plant in Cheshire already under way which was awarded EU project of common interest. A further two locations have been identified in Teesside and The Netherlands and backed by large local industrial entities.
“We’re aiming to revolutionise the global energy market by enabling renewables to power the world, and we’re excited to have great investors like 350PPM join us.”