UK-based Aceleron Energy has secured an investment of £2 million to expand the development of batteries that can be repaired, reused and upgraded.
The reusable battery specialist intends to expand its business across Europe, Africa and the Americas and scale the production of batteries that can be used in both electric vehicles (EVs) and for grid storage purposes.
The company says most lithium-ion batteries are not designed to be reused or recycled at the end of their average eight to 10-year lifespan.
Research suggests the global EV industry alone could create more than 11 million tonnes of battery waste a year in the next 20 years – enough to fill Wembley Stadium almost 20 times.
Aceleron’s circular economy approach is designing waste out of the battery manufacturing process and embedding additional sustainability and resilience.
The global market is already worth $59 billion (£46bn) and is forecast to grow 10 times to $546 billion (£422bn) by 2035.
Co-Founder and CEO Dr Amrit Chandan said: “It’s now or never for the green transition. This is a watershed moment for Aceleron and the wider green sector. As we look to sustainably rebuild the economy in the wake of COVID-19, we are seeing governments and companies worldwide recognise that clean energy technology must play a crucial role in building back better.
“We want to blaze a trail for this new, more sustainable green economy. This investment will enable us to significantly increase production to meet growing global demand for truly sustainable battery technology to underpin the clean energy revolution.”
The investment includes £1.45 million from UK investor BGF and the remainder from Mercia Asset Management.