UK energy firm The Maximeyes Group has taken a “significant stake” in battery storage technology firm Puredrive Energy.
The duo said that the new strategic partnership would help bolster their position in the UK’s storage market and beyond, with Maximeyes aiming to build Puredrive into a “leading global brand”.
The deal comes just over a year after Maximeyes made an initial investment in Puredrive, which the latter earmarked to help accelerate its product development.
Gloucestershire-based Puredrive designs and manufactures its energy storage systems in the UK, and moved to target commercial installations up to 50kWh in capacity with the launch of a PPA-backed product last year.
Financial terms of the deal, nor the size of the stake Maximeyes has taken in Puredrive, have not been disclosed.
Shamir Jiwa, chief executive and founder at Maximeyes, paid testament to Puredrive’s technology, claiming them to have established the “smartest storage system in the market”.
“We are now at the genesis of the next generation storage revolution for households. It is our belief that smart battery systems will be as prevalent as double glazing in the next 10 years, and we are positioning ourselves in a sector where we can build a leading global brand starting in the UK,” Jiwa said.