UK developer secures investment to expand development of EV and grid storage batteries that can be repaired, reused and upgraded
Efforts to tackle the growing waste problem created by battery technology have taken another step forwards today, with UK-based resuable battery specialist Aceleron today announcing £2m investment to grow its business.
The investment - which includes £1.45m from UK investor BGF, and the remainder from Mercia Asset Management - will enable Aceleron to scale the production of its circular battery technology across three continents, the firm said.
Battery storage is set to play a central role in decarbonising the global economy, critical for renewable energy, electric vehicles and other key technologies. The global energy storage market is already worth $59bn and is forecast to grow ten times to $546bn by 2035.
However, most lithium-ion batteries are not designed to be reused or recycled at the end of their average 8-10 year lifespan. As such, the global EV industry could create more than 11m tonnes of battery waste each year in the next two decades, which would be enought to fill Wembley Stadium almost 20 times, according to researchers from Birmingham and Leicester universities.
Aceleron's batteries therefore aim to design this waste out of the battery manufacturing process, by building them to be repaired, reused and upgraded rather than replaced, the firm said.
"It's now or never for the green transition," says Dr Amrit Chandan, co-founder and CEO of Aceleron. "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 firm hopes to double its staff team over the coming year while focusing on deploying its products within emerging markets such as Sub Sarahan Africa and Latin America, as well as more developed markets across the UK, Europe, and the newer US and Indian markets. The investment will also enable further development of Aceleron's circular economy batteries for use in commercial and industrial sectors, it said.
Since launching in 2016, Aceleron has worked across three continents, developing compact lithium-ion battery for Eco Charger's electric quad bikes (ATVs) in the UK, as well as working with Total Access to Energy Solutions and Shell to deliver accessible and clean energy to off-grid communities in Kenya, and partnering with energy firm SolarWatt to supply power home storage systems in Barbados.
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