Powervault said it had secured further investment from Green Angel Syndicate – the only specialist cleantech investor in the UK – which has pledged £195,000 through crowdfunding platform Crowdcube.
The group includes former SSE chief executive Ian Marchant. He also sits on the advisory board of demand-side response firm Upside Energy – which last month announced it had secured £545,000 of seed funding to expand its management team and run a pilot project with National Grid.
Powervault has also secured £200,000 – the largest single investment – from venture capital firm Future Matters, which invests in early-stage companies operating in clean tech and digital technology industries.
The energy storage firm has now raised £815,370 from 353 investors – 108 per cent of its target – with 16 days left for further investment.
Powervault’s first fundraising campaign broke a world record in 2014 by raising £150,000 of seed funding in just eight hours and, last year, it raised a further £750,000 in three and a-half days.
The company launched the second generation of its energy storage system late last month, to prepare for the introduction of smart tariffs.
It said the new system will extend the benefits of cheap power already experienced by customers with solar PV and economy 7 tariffs by automatically charging when power is cheap and storing the energy for use at peak times.