Connected Energy secures new investment

ENGIE New Ventures, the corporate venture fund of ENGIE, has taken part in a new round of investment in Connected Energy.

Newcastle-based Connected Energy uses electric vehicle batteries at the end of their in-car first life to create energy storage systems.

The latest funding includes Low Carbon Innovation Fund 2, as well as existing investors ENGIE New Ventures, Sumitomo and Macquarie, among others. It has also been matched by Innovate UK as part of the ENGIE and UKRI Clean Growth Innovation Fund. 

Matthew Lumsden, chief executive of Connected Energy, said: "We almost double the working life of the batteries for vehicles and thereby greatly increase the value created from the resources already embedded in them. Our objective is to provide our end-customers with bankable energy storage systems and our battery supply partners with reliable routes to market for their second-life batteries.

"With this additional investment we aim to capitalise on our system data to further optimise our technology and continue to scale up our development plans."