January 12 (Renewables Now) - UK energy storage company Connected Energy said on Thursday it has secured a GBP-3-million (USD 4.1m/EUR 3.4m) investment from Australian investment bank Macquarie Group Ltd (ASX:MQG) and French energy group Engie (EPA:ENGI).
The firm has developed stationary energy storage system that uses second life electric vehicle (EV) battery packs and the investment will provide it with working capital to roll out its growth plans in the UK and Europe. Connected Energy says it has "a promising pipeline of blue-chip clients and projects" for its solution, dubbed E-STOR. According to the firm, its system offers the same performance as first life batteries at a lower cost. The product also beefs up the sustainability credentials of EVs and the power system.
The company has created strategic relationships with Renault SA (EPA:RNO) and other EV makers, it said.
(GBP 1 = USD 1.368/EUR 1.127)