Tuesday, December 3, 2024
Infrastructure and TechnologyLatestNews

Elbow Beach Capital invests into Allye

Investment firm Elbow Beach Capital (EBC) has announced a £650k investment into battery technology and energy storage business, Allye.

The decarbonisation, sustainability and social impact investor was supported by Alpha Future Funds in the £900k round which follows Allye’s exit from stealth earlier this month.

Allye is EBC’s fifteenth investment since launch which has made the company the UK’s most active specialist seed investor in climate technology, it claims.

With 2020 being the first in UK’s history that electricity came predominantly from renewable energy, there is now a requirement for a significant increase in battery storage capacity to regulate energy supply and demand. Allye’s intelligent battery systems aim to provide grid resiliency while helping businesses overcome rising energy bills by providing cheaper, greener and more accessible energy.

It’s software-enabled hardware will initially target industrial and commercial customers, deploying self-learning battery systems at scale. Allye’s first solution, the Max, is a mobile energy storage system providing distributed energy storage at the grid edge. One system has 300kWh capacity, enough to power a typical factory for two days or 40 homes for a day, with capacity can also be increased by connecting several units together.

The proceeds of the current investment round will be used to support the manufacture of the Max with first systems for industrial users expected in the third quarter of this year, it said. Allye is targeting 10,000 Max units by 2030 with an installed capacity of 3GWh. From 2030, Allye will look to install 5,000 units per year.

In parallel to the Max, Allye is developing further intelligent battery systems for commercial and residential markets to ensure businesses and households will be able to benefit from its intelligent distributed energy storage technologies.

Allye is Elbow Beach Capital’s third investment in the battery technology and electric vehicle space following previous investments in Munro Vehicles and Anaphite.

Nick Charman, Chairman of Elbow Beach Capital, said: “Allye’s innovative technology and the exceptional team behind the company align perfectly with our investment thesis. We are excited to support Allye on their journey as they tackle multiple pain points simultaneously and unlock the vast potential of energy storage solutions.”

Jonathan Carrier, CEO of Allye, commented: “Elbow Beach Capital and Alpha Future Funds share a commitment beyond the financial. They believe smart energy storage can accelerate the decarbonisation of the electricity grid and help businesses and households access cleaner, cheaper energy. This investment will provide us with the platform for future success.”

Sign up for our essential
newsletter service.

Enter your details here.