Newcastle upon Tyne-based storage systems manufacturer Connected Energy has secured £5m ($6.3m) from Engie, Sumitomo Corporation and Macquarie. The deal is the first of its kind in Europe for a company that specialises in energy storage.
Newcastle upon Tyne-based storage systems manufacturer Connected Energy has secured £5m ($6.3m) from Engie, Sumitomo Corporation and Macquarie. The firm, which repurposes second-life EV batteries for storage solutions, will use the investment for a pipeline of projects ranging from 50 kW to 20 MW, and to scale up the business.