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London’s Allye plugs in £900K funding to transform energy storage with repurposed EV batteries

Picture credits: Allye

2020 marked the first year in the UK’s history that electricity came predominantly from renewable energy. While this ongoing shift towards the National Grid’s 2050 net-zero target is encouraging, it requires a significant increase in battery storage capacity to regulate energy supply and demand. 

Allye’s intelligent battery systems aim to provide grid resiliency while helping businesses overcome rising energy bills by providing cheaper, greener and more accessible energy. 

London-headquartered Allye, a battery technology and energy storage startup, has raised £900K in funding. The round was led by a London investment company Elbow Beach Capital, which invested in InsiliTech and QV Bioelectronics. While £650K came from the lead investor, the rest of the funding came from Alpha Future Funds.

The proceeds of this round will be used to support the manufacture and launch of the Max with first systems for industrial users expected in Q3 2023. Allye is targeting the installation of 10,000 Max units by 2030 providing an installed capacity of 3GWh. From 2030 onwards, Allye will look to install 5,000 units per year. 

Jonathan Carrier, CEO of Allye commented: “Elbow Beach Capital and Alpha Future Funds share a commitment beyond the financial. They believe smart energy storage can accelerate the decarbonisation of the electricity grid and help businesses and households access cleaner, cheaper energy. This investment will provide us with the platform for future success.” 

“Allye’s innovative technology and the exceptional team behind the company align perfectly with our investment thesis. We are excited to support Allye on their journey as they tackle multiple pain points simultaneously and unlock the vast potential of energy storage solutions,” commented Nick Charman, Chairman of Elbow Beach Capital. 

Max, one-of-its-kind mobile energy storage system

Allye was founded by Jonathan Carrier, Jack Levy and Lorenzo Bergamaschi a few months back. Allye’s first solution, the Max, is a mobile energy storage system providing distributed energy storage at the grid edge. One system has 300kWh capacity, enough to power a typical factory for two days or 40 homes for a day, this capacity can also be increased by connecting several units together. 

The Max aims to bridge the gap between two separate markets: on-grid Battery Energy Storage Systems (BESS) which are bulky, expensive to install and difficult to transport; and off-grid mobile power solutions, such as diesel generators. As a single product, the Max provides a dual purpose for both of these markets, acting as a smarter, mobile alternative to containerised BESS devices, and a cleaner, noiseless alternative to diesel generators. 

The Max has the capability to automate demand-side response while provide balancing services to the grid, and this allows the grid to better manage network capacity constraints, frequency stability and dispatch power when it is needed most. Meanwhile, end-customers will benefit from an up to 50% reduction in energy charges. 

Reduces CO2 impact drastically

Also, it provides zero-emission, silent, off-grid power for a range of industries where the need for remote power is often temporary, such as on construction sites, infrastructure projects like HS2 and at major events such as Glastonbury or the British Grand Prix. The Max acts as cleaner, cheaper alternative to diesel generators, the current go-to solution, which each consume around 18,000 litres of fuel and produces 45 metric tons of CO2 per year. 

It is the world’s first mobile energy storage system to repurpose healthy battery packs from electric vehicles, filling the major gap in the circular economy for batteries, and reducing lifecycle CO2 impact by up to 60% compared to other energy storage systems. 

Besides the Max, Allye is developing further intelligent battery systems for commercial and residential markets to ensure that all businesses and households will be able to benefit from its intelligent distributed energy storage technologies. If the company’s sales targets and international expansion plans are met, Allye expects to generate £8.5 million in revenue next year and £45 million in 2025. 

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