Amrit Chandan, co-founder and CEO and Carlton Cummins, co-founder and CTO of Aceleron. Image: Aceleron.

UK battery storage developer Aceleron has received a £2 million equity investment to help further expand its operations.

This includes £1.45 million from BGF, with the remainder coming from existing investor Mercia Asset Management.

Aceleron has developed a circular economy approach to battery technology, hoping to negate the challenge of the waste from lithium-ion batteries. Currently, given the nature of such technologies rarely being reused or recycled, the electric vehicle (EV) industry is expected to create more than 11 million tonnes of battery waste a year in the next 20 years globally.

It’s batteries are designed to be repaired, reused and upgraded, providing better economics over a longer life cycle than conventional technologies the company said. The technology uses Aceleron’s first-of-its-kind intelligent management software to remotely monitor the batteries performance, allowing it to enhance lifespan.

“It’s now or never for the green transition,” says Dr Amrit Chandan, co-founder and CEO of Aceleron. “This is a watershed moment for Aceleron and the wider green sector. As we look to sustainably rebuild the economy in the wake of COVID-19, we are seeing governments and companies worldwide recognise that clean energy technology must play a crucial role in building back better.

“We want to blaze a trail for this new, more sustainable green economy. This investment will enable us to significantly increase production to meet growing global demand for truly sustainable battery technology to underpin the clean energy revoluton.”

The investment will help the company, which was set up in the UK in 2016, to further expand its operations in its home market and globally.

It initially developed a bespoke lithium-ion battery for Eco Charger’s electric ATVs in the UK, and has since spread into off-grid smart systems and home storage systems.

Tom Horton, an investor at BGF who has joined the Board of Aceleron added that the company has “huge potential” to deliver a real and lasting impact on the energy market.

“We are pleased to be backing an ambitious and talented management team who are dedicated to helping to make a meaningful difference in the green transition. As the economy takes a decidedly green turn, BGF is pleased to be supporting pioneering companies like Aceleron and playing our role in funding a green economic recovery.”