Brill Power, a developer of intelligent battery management systems, announced that it raised $10.5 million in a Series A funding round.
Legal & General Capital and Barclays Sustainable Impact Capital Programme led the funding round with participation from existing investors Oxford Science Enterprises, Oxford Investment Consultants, and Oxford University. With Shell Ventures and Climate KIC becoming shareholders as well.
The funding will expand the company’s product range and help develop the company’s data platform (Brill Analytics), allowing customers to monitor and predict battery safety, health, and performance data.
The company claims that they have developed a new way to manage batteries using their Active Loading Battery Management System (BMS), which avoids the limitations of previous methods, with battery life seeing a 60% increase and used batteries having 46% more discharge capabilities.
“Reliable and long-lasting storage solutions for renewable energy are going to be vital for a successful and orderly transition to a low-carbon economy. Pioneering technology, such as Brill Power’s battery management system, will play an important role, and we are excited to be supporting them as they scale and extend their product range,” Said James Ferrier, Head of Sustainable Impact Capital at Barclays.
Brill expects that battery systems for commercial & industrial buildings, on and off-grid energy storage, residential homes, and electric vehicles will be worth an estimated $400 billion by 2030.
“As we grow our climate and clean energy platform, investing in Brill Power is an exciting move into energy storage technologies that are crucial to enable an increase of renewables on the power grid, electrification of transport, and to power our homes, businesses, and key infrastructure. Through extended lifetimes, improved safety, and waste reduction, Brill Power’s work is setting a new standard for how to store and use clean power to accelerate progress to our net zero emissions goals.” Said John Bromley, Managing Director, Clean Energy at Legal & General Capital.
According to Mercom’s 1H and Q2 2022 Funding and M&A Report for Storage, Grid & Efficiency, in Q2 2022, VC funding for Smart Grid companies increased to $419 million in eight deals compared to $312 million in 12 deals in Q1 2022. Funding amounts were 138% higher YoY compared to $176 million raised in seven deals in Q2 2021.
This week, Revterra Corporation, a Houston-based technology company developing a grid-stabilizing kinetic battery, announced a $6 million Series A funding round led by Equinor Ventures and SCF Ventures. The Amount raised will be used to fund the development of the company’s S100 Kinetic energy battery.