UK-based Connected Energy has secured £3m from Macquarie Group and Engie to fund growth at home and elsewhere in Europe.

Connected Energy developed an energy storage system – E-Stor – that allows for the reuse of batteries from electric vehicles (EV) after they have expired.

E-stor provides the same performance as first life batteries, but at a lower cost, the company said.

Connected Energy, based in Newcastle-upon-Tyne, has developed relationships with Renault and other EV manufacturers.

Connected Energy chief executive Matthew Lumsden (pictured) said: “We are delighted that Macquarie and Engie have provided this significant financial and management value for our phase of aggressive market growth. We have a tremendous pipeline of demand for battery-based storage systems.”

Macquarie commodities and global markets senior managing director Matthew Booth said: “We are pleased to have invested in this innovative company which has developed an environmentally friendly and low cost solution to help meet this need.”

Engie New Ventures MD Hendrick Van Asbroeck said: “This investment is an exciting opportunity to develop together with Connected Energy leading and environmentally friendly energy storage solutions for our customers.”

Image: Connected Energy