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Domestic energy storage company Powervault has extended its crowdfunding investment campaign by two weeks despite already amassing £500,000 more than its original target.
Powervault chief executive Joe Warren said the Crowdcube campaign has been extended until 10 June as it has seen “significant interest” in the last week of the campaign and investors have asked for more time before investing.
The company said it has a requirement for £2.5 million to reach break-even, which it planned to raise in multiple tranches.
Powervault said: “Raising more money now will enable us to invest more heavily in sales growth, product development and cost reduction within the next year delivering more value to existing and incoming shareholders alike.”
Powervault had initially been seeking an investment total of £750,000, but on the funding campaign’s original end date it had reached £1.2 million.
Investors so far include the London Co-Investment fund which pledged an additional £80,000 on top of the £200,000 invested last year, £195,000 by cleantech investment specialist Green Angel Syndicate and venture capital firm Future Matters.
Powervault chief executive Joe Warren said that the confirmation from government that it intends to provide Ofgem with the powers to drive through the move to half-hourly settlement in 2017 has given a boost to the domestic energy storage market ahead of the smart meter rollout.
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