The Hinduja Group, accompanied by Caterpillar Venture Capital, Mercuria, Our Crowd, and Volvo Energy, is investing $18.45 million in Connected Energy, a second-life battery energy storage company. The investment will aid Connected Energy in managing its operations and move into the utility-scale project segment.
This investment will help Connected Energy to expand its operations as the energy storage demand continues to grow with increasing international availability of second life batteries. This funding will help the company in the in-house development of its first large scale M-STOR system of around 20 MW and 40 MWh capacity.
Connected Energy is an energy storage innovator and utilises second-life electric vehicle batteries. Its E-STOR and M-STOR units come with a modular and scalable design which helps in adapting them to control any electric vehicle battery pack. The company’s headquarters are in Newcastle upon Tyne and its technical centre is in Norfolk. It has sixteen operational systems across Europe in Belgium, Germany, the Netherlands and the UK.