UK Start-Up Powervault Launches New Home Energy Storage Range
UK energy storage start-up Powervault has debuted its new range of home energy storage solutions, which is designed to save consumers thousands on their energy bills.
Based in Southwark, London, Powervault advertises itself as developing the UK’s “first fully integrated solar energy storage system for the home.” The start-up announced on Wednesday the launch of its new range of home energy storage solutions, “equipped for the smart power revolution, a transformation of our energy system forecast to save consumers billions of pounds.”
Their new products automatically store energy when power is cheaper, saving it for use at a later time when energy is more expensive. Powervault’s products are developed with solar photovoltaic systems (PVs) in mind as they enable consumers to store excess energy generated by their solar systems.
“Our new products will allow customers to seize the opportunities of the smart power revolution,” explained Joe Warren, Powervault’s Managing Director. “Smart tariffs plus storage will allow them to slash their power bills by buying electricity off-peak, and there will also be opportunities to benefit from helping the national grid to store and use more of the solar or wind energy that it generates.”
Powervault anticipate energy storage to become a mainstay of future domestic life and they see themselves as dominating the market:
“We expect energy storage systems will soon be of interest to every home in the country and we aim to sell 50,000 units by 2020 and become a household name. Ultimately we believe that a Powervault in the home will be as common as a dishwasher.”
“A Cheaper, Greener Electricity System”
Powervault also announced a million pound investment to fast-track the expansion of its new range funded through the crowdfunding site, Crowdcube. Powervault is currently collaborating with industry giants such as Nissan, Tempus Energy, and Open Energi “to help pioneer a cheaper, greener electricity system which will enable consumers to benefit directly from the smart power revolution.”
“The energy storage industry is currently witnessing a great deal of growth, especially on an industrial scale” said Kenneth Melvin, Head of Energy at Challenge Advisory. “The domestic market is now beginning to wake-up to the cost benefits of storing energy and Powervault are one of the first companies to develop products for domestic use. Expect many more companies to tap into this promising and flourishing industry over the next few years.”