Connected Energy specialises in reusing electric vehicle (EV) batteries, which typically become redundant after losing just 25% of their capacity, to build the grid-scale energy storage systems needed to smooth fluctuations in demand by large energy users, and in supply by solar and wind farms. Connected Energy systems currently range in size from 300kW behind the meter systems, to a 12MW system (currently in development) and modular multiples of those.
Ali Naini, managing director at Turquoise, commented: “Connected Energy helps reduce emissions in a number of innovative ways, such as reducing the cost of electric vehicles by increasing the value of their used batteries, reusing valuable materials in those batteries, and creating energy storage systems that help with the wider adoption of renewable energy. They also have many of the attributes necessary for creating strong investor returns. This makes the company a perfect fit to the remit of LCIF2.”