Smart electricity storage company Powervault has closed a scale-up investment round of £3.8 million from existing and new investors, including Green Angel Syndicate and its Climate Change Fund. This equity investment round has triggered the conversion of £3.1 million in Loan Notes raised in 2020 under the British Business Bank’s Future Fund structure.

Powervault’s ambition is to cement its position and become the undisputed UK market leader for highly functional intelligent battery storage in the brave new world of renewable energy, the smart grid, the internet of things and electric vehicles.