Cheesecake Energy, a London, UK-based energy storage startup, raised £1m in seed funding.
The Imperial College Innovation Fund (£300k) led the round with participation from Perivoli Innovations, and prominent business angels.
The company intends to use the funds for the development of its manufacturing capabilities and its lead eTanker storage system.
Led by CEO Mike Simpson, Cheesecake Energy is developing green energy storage technology – known as eTanker – that stores electricity in the form of compressed air and heat. eTanker is deployed in a modular, containerised package, making it suitable for a range of terrains and applications in industry including local renewable microgrids, electric vehicle fleet charging and heavy industry.
CEL is targeting the medium-duration energy storage market – applications in which technologies such as batteries are uneconomic, and large-scale solutions like pumped hydro systems are unsuitable. The company is progressing its first pilot system with Nottinghamshire County Council, helping the Council to achieve some of the goals laid out in its carbon management plan.
FinSMEs
27/09/2021