Battery manufacturer charged for growth after investment
ENERGY storage battery manufacturer Cumulus has been awarded £800,000 to develop large-scale batteries which will enable more renewable energy to be supplied to the electricity grid.
The Rotherham-based company is developing a large-scale battery that can store renewable energy and supply it to the electricity grid at times of high demand.
It is one of 19 projects that have been awarded a share of £9m through the third phase of the Government’s Energy Entrepreneurs’ Fund (EEF), which helps small and medium sized businesses to bring low carbon products to market.
Nick Kitchin, managing director of Cumulus, said: “Cumulus Energy Storage is developing a Copper/Zinc grid-scale energy storage battery that will enable more renewable energy to be supplied to the grid. The DECC grant is enabling us to build a grid-connected commercial-scale operational prototype that will demonstrate the functionality of the end product prior to industrialising the manufacture in the UK.
“The DECC grant, together with the vital incubation support, has enabled us to raise finance and is accelerating our development programme. The support feels like being on a surf board riding the crest of a wave.”
Local businesses can also now apply for an extra £5m of funding with the launch of the fourth round of the EEF.
Half of the new money in the latest round will be prioritised for Carbon Capture and Storage, the process of capturing millions of tonnes of CO2 from power stations and industrial facilities, and storing the CO2 offshore, deep under the sea bed. The UK is leading Europe with two commercial-scale projects under development. Without CCS, decarbonising the energy system will be up to £40 billion more expensive per year.
Energy and climate change minister Amber Rudd said: “As the nation that is leading the way in tackling climate change, it is important that we support small and medium sized businesses get their innovative energy projects off the ground.
“It is fantastic to see a local business in Rotherham benefit from the funding and I hope more will apply for the latest round. Storing renewable energy so it can be used when it’s needed rather than when it’s produced is a major breakthrough.”
Through EEF grants received so far, 70 businesses have been able to create or support an estimated 290 jobs and stimulate £26.6m of private sector investment. Through raising funds from private investors, the business have obtained a further £10.2m of investment to date.
