Powervault, a UK-based smart electricity storage company, has announced that it has closed a $4,587,000 scale-up investment round from existing and new investors, including Green Angel Syndicate and its Climate Change Fund.

Powervault aims to establish itself as the undisputed UK market leader for highly functional intelligent battery storage in the brave new world of renewable energy, smart grid, the internet of things, and electric vehicles.

"This funding round was part of the plan in 2020 when we raised the Future Fund Convertible Loan Notes so long as the company successfully delivered over the next two years," said Mark Ansell, Founder of Powervault. I am pleased to report that we have accomplished this, emerging from the difficult Covid years with a significantly enhanced product range that offers a market-leading price/performance. We exceeded our revenue budget by more than 100% in 2022. We are now debt-free, cash-rich, and well-positioned to capitalize on the growth of the battery-based electricity storage market in the coming years”.