RheEnergise secures equity investment from Low Carbon Innovation Fund
LCIF2’s investment provided the cornerstone to RheEnergise’s £720,000 investment round which closed in December. LCIF is a leading investor in low carbon innovators, having made 37 awards to date.
With this investment in the company secured, RheEnergise is seeking to extend this raise with a second and third close of additional investments over the next quarter. It has multiple discussions in train with firm commitments of at least £750,000 in addition to the funding that will be forthcoming through its crowdfunding raise, via the Crowdcube platform. This was launched last week (7th February 2024) and is scheduled to close at the end of February. With the LCIF investment, investment from family offices and institutions and the crowd raise, RheEnergise is on course to secure new investment of at least £3 million.
The financial injection will support the commercialisation of RheEnergise’s storage solution. The deployment of RheEnergise’s HD Hydro can transform the market for medium and long duration storage (LDES) in the UK and overseas and will support the further expansion of renewable power generation across the world. RheEnergise is currently investigating project opportunities in the UK and Ireland, USA and Canada, Chile and Australia.
RheEnergise’s grid-scale solution – providing 4 to 16 hours of energy storage in the 10 MW to 100 MW power range – is as one of the few LDES solutions that can be scaled rapidly and globally. The global market opportunity for LDES is forecast to be $4trillion over the next 10-15 years.
“LCIF and the commitments from other investors underlines the exciting growth potential of our HD Hydro technology” said Stephen Crosher, Chief Executive of RheEnergise. “Over the past 12 months, we have had customer interest in our work from over 30 countries. With this latest investment, along with the additional investment that we will secure, we can accelerate the commercial deployment of our storage solution.”
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