Birmingham-based Aceleron – a company which is pioneering sustainable battery technology – has raised a further £2.5m as it continues to expand its global sales.
The latest funding has come from existing investors BGF, the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund, and Mercia’s EIS funds. It brings the total raised by the company so far to £5.4m.
The funding will enable Aceleron to build relationships with automotive manufacturers and other major corporates while continuing to enhance its products. Aceleron, which now employs around 25 staff, is on course to double its revenue this year.
Aceleron has developed a lithium battery platform technology which enables easy repair and reuse over time, thus reducing cost and waste. The lithium-ion batteries used in electric vehicles and for clean energy storage have a typical lifespan of no more than ten years and cannot be repaired or easily recycled. Aceleron’s design allows the individual cells to be removed and replaced, rather than having to dispose of the entire battery. Its flagship product, ‘Essential’, is the world’s first battery that is fully maintainable and designed to last a lifetime.
Founded in 2016 by Amrit Chandan and Carlton Cummins, the company now offers products for both domestic and commercial applications and sells to customers in Europe, North and South America, Africa and India.
Most recently it has recently been providing batteries to the NHS test and trace campaign while Amrit and Carlton have recently been selected as #OneStepGreener Climate Leaders ahead of the COP26 summit in November, and have featured in a case study video as part of the campaign.
Amrit Chandan, CEO, said: “I am pleased to have secured further support for our mission of making batteries maintainable to help carefully preserve and nurture our scarce resources. The world is waking up to the importance of this mission, with an increased awareness that we are borrowing the resources of our children and thus have a duty of care. With the support of this funding, Aceleron will be the foundation of circularity in the battery world whilst positively impacting people around the world.”
Sandy Reid of Mercia added: “Given the focus on clean technology, there is a huge potential market for Aceleron’s products. Sales are increasing year on year and it is already attracting interest from major energy companies and manufacturers. The funding will enable it to continue to enhance its products and collect performance data to further build its credibility in the market.”
Tom Horton, investor at BGF said: “We’re thrilled to be supporting Aceleron with additional investment to expand its global sales programme and continue the roll out of new products. Aceleron is a hugely exciting business and is well aligned with BGF’s commitment to backing more companies in the field of clean growth. We have already invested over £200 million and backed more than 20 companies in the sector and remain focused on making a meaningful contribution to those businesses that are helping to mitigate or reverse the effects of human activity on the environment.”
Grant Peggie, Director at the British Business Bank, said: “The MEIF is committed to supporting businesses across the Midlands to reduce their carbon footprint and support the Government’s objective of delivering Net Zero, with Aceleron using the funding to create new sustainable technologies. This latest deal shows how the MEIF can support businesses over the course of their growth journey, providing further funding rounds to support product development, expansion and job creation. We would encourage other Midlands’ businesses seeking to reduce their carbon footprint to assess the finance available through MEIF.”
Andy Street, the Mayor of the West Midlands, said: “We want the West Midlands to become the global leader in state-of-the-art battery technology and research, and it is companies like Aceleron that are going to help make that happen. When I visited the firm earlier this year I was blown away by their drive and innovation, as well as their commitment to their home here in our region.
“With access to this new cash, I am sure Aceleron will continue to go from strength to strength, helping to establish the West Midlands’s battery credentials whilst simultaneously helping us tackle the climate emergency.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.