A renewable energy company based in Newcastle has secured a £3 million investment to finance its growth plans across the rest of the country and Europe.
Connected Energy specialises in converting car batteries into energy storage systems – these installations allow businesses to store excess energy, which can then be used at a later time, preferably at times of peak electricity demand or when tariffs are high.
This allows companies to send money on energy bills.
The funding was received from financial services firm Macquarie Group and energy company Engie.
Matthew Lumsden, CEO of Connected Energy said: “We are delighted that Macquarie and Engie have provided this significant financial and management value for our phase of aggressive market growth.
“In this uncertain energy landscape we look forward to capitalising on the burgeoning need for grid balancing schemes through energy storage, as well as adding to the sustainability of electric vehicles.”