GAS invests in Powervault

Author

Green Angel Syndicate Ltd

14 September 2016

Green Angel Syndicate (GAS) has completed its sixth new investment, playing a key role in the latest funding round for London-based energy storage company, Powervault. With this investment, GAS has provided more than £3.75m, to fund early stage companies across the clean technology sector.

Powervault develops innovative battery storage solutions for the emerging domestic electricity storage market. With sales already ahead of target, it is using funds from this latest round of investment to expand its sales and marketing together with product development.

As well as a strong showing from existing investors, and new angels through GAS, Powervault also used the crowdfunding platform, Crowdcube, for a third time. The Crowdcube raise has been successful in securing £1.5m for the next stage of Powervault’s expansion.

This is the first time GAS has co-invested with a crowdfunding platform. Director, Nick Lyth, commented: “Powervault is aiming to provide plug-and-play solutions at competitive prices. The involvement of the crowd made complete sense. It is a product category that will shortly be entering the mass market.”

Powervault MD, Joe Warren said: “We are delighted that Green Angel Syndicate has joined this latest round. We welcome their expertise and the addition of Nick to the Board.” Nick Lyth will join the Board as Non-Executive with immediate effect, bringing additional marketing and sales fire-power to the company’s business development.

For further information: contact Nick Lyth on 07802 150053; nicklyth@gasgat.com or Andrew Aldridge on 07511 665411; andrewaldridge@gasgat.com

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