Aceleron, a Birmingham, UK sustainable battery technology company, raised a further £2.5m in funding.
Backers included existing investors BGF, the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund, and Mercia’s EIS funds. The round brings the total raised so far to £5.4m.
The company intends to use the funds to expand its global sales.
The funding will enable Aceleron to build relationships with automotive manufacturers and other major corporates while continuing to enhance its products.
Founded in 2016 by Amrit Chandan and Carlton Cummins, Aceleron has developed lithium battery platform technology which enables easy repair and reuse over time, thus reducing cost and waste. The lithium-ion batteries used in electric vehicles and for clean energy storage have a typical lifespan of no more than ten years and cannot be repaired or easily recycled. The company’s design allows the individual cells to be removed and replaced, rather than having to dispose of the entire battery. Its flagship product, ‘Essential’, is a battery that is fully maintainable and designed to last a lifetime.
Aceleron, which now employs around 25 staff, is on course to double its revenue this year. The company now offers products for both domestic and commercial applications and sells to customers in Europe, North and South America, Africa and India.