Powervault develops innovative battery storage solutions for the emerging domestic electricity storage market. With sales already ahead of target, it is using funds from this latest round of investment to expand its sales and marketing together with product development.
As well as a strong showing from existing investors, and new angels through GAS, Powervault also used the crowdfunding platform, Crowdcube, for a third time. The Crowdcube raise has been successful in securing £1.5m for the next stage of Powervault?s expansion.
This is the first time GAS has co-invested with a crowdfunding platform. Director, Nick Lyth, commented: "Powervault is aiming to provide plug-and-play solutions at competitive prices. The involvement of the crowd made complete sense. It is a product category that will shortly be entering the mass market."
Powervault MD, Joe Warren said: "
We are delighted that Green Angel Syndicate has joined this latest round. We welcome their expertise and the addition of Nick to the Board.
Nick Lyth will join the Board as Non-Executive with immediate effect, bringing additional marketing and sales fire-power to the company's business development.
Green Angel Syndicate is a network of smart investors who are committed to the transition to a greener economy. We support early stage technology companies developing products and solutions for a more efficient and sustainable use of global resources. This unique specialisation, alongside the knowledge and experience of our members, creates exciting opportunities with the potential for attractive returns.
Green Angel Syndicate is the only angel syndicate in the UK which specialises in making investments that are of benefit to the green economy. Green Anger Syndicate operate from Edinburgh and London.
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