Aceleron secures new equity funding from the UK's most active investor, BGF, and existing partner Mercia Asset Management.
Aceleron, the UK developer of sustainable and reusable battery solutions, today announces a £2m million equity investment with £1.45m from BGF, the UK’s most active investor, and the remainder from existing investor Mercia Asset Management.
The investment will enable Aceleron to scale the production of its unique circular economy battery technology and expand its reach across global markets including the UK, Europe, Africa and Americas.
Battery storage is a key enabler for renewable energy, electric vehicles and other clean technologies. The global market is already worth $59bn and is forecast to grow ten times to $546bn by 2035. However, existing battery technology comes with a problem – battery waste. Most lithium-ion batteries are not designed to be reused or recycled at the end of their average 8-10 year lifespan. The global EV industry alone could create more than 11 million tonnes of battery waste a year in the next 20 years, enough to fill Wembley Stadium almost 20 times.
Aceleron’s innovative circular economy approach to energy storage is designing waste out of the battery manufacturing process, embedding additional sustainability and resilience. 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. “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 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 (Sub Saharan Africa, Latin America), developed (UK, EU), and new (US, India) markets. The investment will enable further development of Aceleron’s circular economy batteries for use in commercial and industrial sectors.
Tom Horton, Investor at BGF, who joins the Board of Aceleron says:
“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.”
Andy Gregory, Head of Investments, UK & Ireland, BGF said:
“Aceleron is BGF’s second investment into a pure cleantech company. Until the past couple of years, these companies have typically been at much earlier stages of their development and not yet ready to become bigger businesses. But we are now seeing cleantech firms gain greater traction within growing markets, as the spotlight focuses on net zero."
“For the UK to meet its ambitious carbon neutral targets, cleantech companies with the right type of solution for the market will need to scale up, and we’re pleased to be backing Aceleron as it works towards this goal.”
Aceleron, launched in 2016, is already delivering pioneering projects on three continents:
· Europe: Aceleron has developed a bespoke lithium-ion battery for Eco Charger’s electric ATVs in the UK. The innovative lithium-ion solution is the same-size as the traditional lead-acid batteries, but four times as powerful and half the weight.
· Africa: The business is working with Total Access to Energy Solutions (TATES) and The Shell Foundation to deliver accessible and clean energy to off-grid communities in Kenya. The company also received a prestigious Global Leap award to expand into Rwanda.
· Americas: Aceleron and energy company SolarWatt are supplying power home storage systems in Barbados to provide resilient, cheaper energy to a country where electricity costs are high and power cuts are common.
The batteries also utilise first-of-its-kind intelligent management software, allowing 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.
Aceleron’s circular economy technology and second-life schemes can be applied across the whole energy storage spectrum, enabling waste reduction across all applications in the telecommunications, manufacturing and electronics industries across the globe.
 Supporting data and calculations:
· EVs are ‘almost all’ warranted for eight years: https://insideevs.com/news/368591/electric-car-battery-lifespan/
· Researchers have calculated that the one million electric cars sold in 2017 alone will produce 250,000 metric tons, or half a million cubic metres, of unprocessed battery pack waste when they reach the end of their lives in seven to ten years’ time.
· 44 million EVs will therefore produce 11 million tonnes and 22 million m3.
· Wembley Stadium is 1,139,100 m3. 22 million / 1,139,100 = 19.3
Adapting EV batteries to be repurposed would encourage reuse and support a circular ecosystem – including creating additional storage capacity to support an influx of EVs and charge points on the grid. Carlton Cummins, Co-Founder, discusses with James Cook for The Telegraph.
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