Energy storage firm raises Â£250,000
Cumulus Energy Storage (CES), which is developing the world's lowest-cost grid-level energy storage battery, has raised £250,000 in a deal advised by a Suffolk law firm.
CES, based in Rotherham, South Yorkshire, aims to bring down the cost of supply of energy and has developed prototype battery technology which can be developed commercially to cope with the rigours and requirements of the renewable industry to meet the challenge of providing for consumers low cost reliable renewable energy.
The commercial venture is supported by a grant from the Department of Energy and Climate Change (DECC), with research in San Francisco and manufacturing near the Advanced Manufacturing Park in Sheffield.
CES chief executive Nick Kitchin said: "Energy storage is one of the eight great technologies that the UK is developing a world class capability. As such we are getting tremendous support from a wide range of organisations to help us develop what we believe will be a game-changer business for the renewables industry."
Andrew Wood, head of energy at Birketts, led the transaction with assistance from the corporate, employment, corporate tax and property teams.
He said: "Birketts helped to coordinate investor and legal issues and also introduced CES to our international connections, particularly in the Netherlands, through our energy industry contacts and EEEGR.
"It's always particularly pleasing when we're able to help our clients achieve their growth plans and we look forward to continuing our relationship with CES."