Connected Energy secures multi-million pound investment

The significant investment, made by Sumitomo Corporation, ENGIE and Macquarie Group, will provide the UK company with a platform to deliver its next phase of international growth having developed the world’s only commercially-available, stationary, energy storage system which uses electric vehicle battery packs after they have completed their useful lives on-board vehicles. We have some exciting times and projects ahead of us and look forward to further capturing the benefits of the circular economy.” Shingo Hosotani, Department General Manager, Business Development Department No1, of Sumitomo Corporation Europe, adds: “Sumitomo Corporation Group has focused on the broad value chain of electric vehicles and a key focus is the secondary use of electric vehicle batteries. Going forward, we intend to continue identifying changes in the needs of society and contributing to the development of industry across the globe by investing in companies with innovative technology.” Hendrik Van Asbroeck, MD of Engie New Ventures, says: “Engie offers innovative and effective energy solutions as-a-service to overcome the challenges of the transition to clean energy for our customers. With 11 E-STOR systems deployed in the UK, Belgium, Germany and the Netherlands, it provides the same performance as first life batteries but with reduced costs and environmental impact. The company, with its HQ in Newcastle-upon-Tyne and a technical centre near Norwich, has developed strategic relationships with Renault and other electric vehicle manufacturers, and has a growing pipeline of blue-chip clients and projects ranging from 60kW to 20MW.