Cumulus Energy Storage (CES) has managed to raise £250,000 from its first round of seed investment.
The firm will use the cash to develop its renewable technology. CES is currently developing the low-cost, grid-level energy storage in a bid to reduce energy supply costs by developing prototype battery technology which can be used to cope with the rigours of the industry.
The venture is supported by a grant from the Department of Energy and Climate Change (DECC) and underpinned by research done in San Francisco and manufacturing near the Advanced Manufacturing Park in Sheffield.
Nick Kitchin, chief executive at CES, said “Energy storage is one of the eight great technologies that the UK is developing a world class capability.
“As such we are getting tremendous support from a wide range of organisations to help us develop what we believe will be a game-changer business for the renewables industry.”
The sum was raised with backing from investors as far ranging as Switzerland, Guernsey, London and Yorkshire. Andrew Wood, head of energy at Birketts, led the transaction with assistance from the corporate, employment, corporate tax and property teams.
Andrew Wood, head of energy, Birketts added: “Birketts helped to coordinate investor and legal issues and also introduced CES to our international connections, particularly in the Netherlands, through our energy industry contacts.”
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