Powervault, a London company, recently
raised £700,000 (over $1,000,000) from a CrowdCube campaign in under 4
days. £200,000 ($315,000) came from the London Co-Investment fund and an
additional £100,000 ($157,000) from Future Matters. The company intends
to compete head to head with the Tesla Powerwall and become the dominant player in the UK home energy storage market.
The
Powervault claims to offer several advantages compared to the
Powerwall. This self-contained system includes the battery, charger,
inverter, and control unit. The company says it is compatible with all
solar photovoltaic systems and requires no extra equipment or
significant rewiring of the home. It can be installed by an electrician
in an hour. There are two versions of the Powervault
available. The 2 kWh model costs about $3,000, including installation,
and the 4 kWh model costs about $4,500.
By contrast, the Tesla product does not
include the inverter, which provides the essential interface between the
electricity generated by a solar system, the electricity coming into
the home, and the residential wiring (though, the reasoning is that
solar power systems themselves have the inverters needed to connect with
the Powerwall). The Tesla product is also not compatible with all solar
systems and requires far more time and expertise to install.
Powervault managing director Joe Warren said:
This is a
state-of-the-art, British designed product which will cut homeowners’
electricity bills, increase their energy security and help the UK
cut carbon emissions. We’re already making sales and we aim to be a
household name in five years, making a significant impact with products
in 50,000 homes around the country.
Tesla is raising
awareness of home energy storage, exciting potential customers and
helping to create a market. Their entry into the market demonstrates the
scale of the business opportunity, with battery costs falling and up to
two million UK homes forecast to have solar panels by 2020. The
Powervault system has been designed specifically to meet the needs of
British homeowners and is available today.
Powervault will use its new funding to
implement a redesign expected to cut its manufacturing costs by 20% It
will also use the money to develop a lithium-ion version of the product
and to establish new sales channels. The company forecasts sales of its
home energy storage systems to reach 10,000 in three years and 50,000
within five years. By 2020, it expects retail prices for its entry-level
product to fall to less than $1,500.
http://cleantechnica.com/2015/06/27/powervault-home-energy-storage-raises-over-1-million-competing-with-tesla-powerwall/