Aceleron raises £2m for sustainable battery
Aceleron’s batteries are designed to be repaired, reused and upgraded, rather than replaced, meaning that they are more resilient, reduce future waste and provide significantly better economics over a longer life cycle than conventional technologies, ultimately ensuring long-term sustainability.
“It’s now or never for the green transition,” says Dr Amrit Chandan, Co-Founder and CEO of Aceleron in Birmingham, UK. “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 £2m (€2.3m) investment will support Aceleron to meet growing international demand, with plans to double its team over the coming year. The company will focus on deploying its products within emerging markets such as Sub Saharan Africa and Latin America) as well as its existing business in the UK and Europe. It will also expand into new market is in the US and India for the commercial and industrial markets.
The company has 12V, 24V and 48V systems with Lithium Iron Phosphate (LFP) cells and a common battery management that is designed to be easily dismantled and components replaced. The intelligent management software allows remote performance monitoring to enhance battery life. This allows Aceleron to replace or upgrade components when they degrade or when improved products are available. Regular servicing can multiply battery lifespan as much as eight times, from three to 25 years.
The deal includes £1.45m from BGF, the UK’s most active investor, and the remainder from existing investor Mercia Asset Management.
“Up until now, batteries have unfortunately been treated as a disposable consumer product, without much thought to what the disposal of these batteries looks like. We are passionate about making sure that 100 percent of the materials in our batteries will continue to be used for as long as possible – preferably forever,” said Carlton Cummins, chief technology office at Aceleron.
“The Essential is the same size as a group-31 battery, offering up to four times the cycle life and three times more continuous power than a lead-acid battery. It is easy to install in three different positions, is half the weight of a traditional battery and is ergonomically designed to be sleek and portable. As technology evolves, we have the ability to upgrade individual components without the need to discard the entire battery, staying true to our company ethos of promoting reuse and remanufacture over waste, contributing to the increasingly crucial circular economy,” he said.
“Aceleron has huge potential to deliver real and lasting impact in the energy markets and we are pleased to be backing an ambitious and talented management team who are dedicated to helping to make a meaningful difference in the green transition. As the economy takes a decidedly green turn, BGF is pleased to be supporting pioneering companies like Aceleron and playing our role in funding a green economic recovery,” said Tom Horton, Investor at BGF, who joins the Board of Aceleron.
Aceleron has also developed a bespoke lithium-ion battery for Eco Charger’s electric all terrain vehicle (ATV) in the UK to replace a lead acid battery.
It is also working with Total Access to Energy Solutions (TATES) and The Shell Foundation on clean energy for off-grid communities in Kenya, as well as supplying power home storage systems in Barbados with SolarWatt.
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