The corporate team at Square One Law has advised our client Connected Energy, a provider and enabler of second-life battery storage systems, on securing a significant £15m investment from five new investors.
With headquarters in Newcastle, technical centre in Norfolk and sixteen operational systems across Europe, the investment will allow Connected Energy to expand its operations and expand into utility scale project development.
Existing investors Engie New Ventures, Macquarie and the Low Carbon Innovation Fund will be joined by Caterpillar Venture Capital Inc., the Hinduja Goup, Mercuria, OurCrowd and Volvo Energy. This next phase of investment will allow Connected Energy to grow and respond to the increasing energy storage market and availability of second-life batteries.
CEO of Connected Energy, Matthew Lumsden, said on the investment:
“In order to grow the second-life battery industry, strong pan-value chain relationships will be critical to Connected Energy as it expands, and the company’s new investors will complement this effort. This marks a new gateway for our business. Our group of investors now span battery supply through to project development to maximise the volume of batteries that are redeployed in second-life applications.”
Advising on the deal, Ashraf Ali commented:
“We are delighted to have supported Connected Energy in this latest investment round. This is a great deal for the North-East region and will support Connected Energy’s growth plans over the coming years. Well done to Matthew and the Connected Energy team.”
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