A UK firm that is developing a new form of pumped hydro energy storage has secured investment of £720,000, including a £335,000 equity investment from the Low Carbon Innovation Fund (LCIF2). Now it is seeking to extend its fundraising raise with a second and third close of additional investments over the next quarter.
RheEnergise’s HD Hydro® technology aims to provide medium to long-duration energy storage. The company said it is in talks over firm commitments of at least £750,000, in addition to the funding that will be forthcoming through crowdfunding, via the Crowdcube platform, which was launched on 7 February and is scheduled to close at the end of February.
Altogether, RheEnergise claimed it was on course to secure new investment of at least £3 million.
RheEnergise’s grid-scale solution aims to provide 4-16 hours of energy storage in the 10MW to 100MW power range. It global market opportunity for LDES is forecast to be US$4trillion over the next 10-15 years. RheEnergise is currently investigating project opportunities in the UK, Ireland, USA, Canada, Chile and Australia.
Stephen Crosher, Chief Executive of RheEnergise said: “LCIF and the commitments from other investors underlines the exciting growth potential of our HD Hydro technology. Over the past 12 months, we have had customer interest in our work from over 30 countries. With this latest investment, along with the additional investment that we will secure, we can accelerate the commercial deployment of our storage solution.”