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LCIF2’s investment formed the basis of RheEnergise’s £720,000 investment round, which closed in December. LCIF is a leading investor in low carbon innovators and has received 37 awards to date.
With this investment in the company secured, RheEnergise aims to expand on this funding by completing a second and third follow-on investment in the next quarter. The company has held multiple onboard discussions to secure funding of at least £750,000, in addition to crowdfunding via the Crowdcube platform. This started last week (February 7, 2024) and is scheduled to end at the end of February. Through LCIF investment, investment from family offices and institutions, and crowd fundraising, RheEnergise plans to secure at least £3m of new investment.
This capital injection will support the commercialization of RheEnergise’s storage solutions. The introduction of RheEnergise’s HD Hydro could transform the medium to long term storage (LDES) market in the UK and abroad, supporting the further expansion of renewable power generation around the world. RheEnergise is currently investigating project opportunities in the UK and Ireland, the US and Canada, Chile and Australia.
RheEnergise’s grid-scale solution provides 4-16 hours of energy storage for power ranges from 10 MW to 100 MW, and is one of the few LDES solutions that can scale quickly and globally. The global market opportunity for LDES is projected to be $4 trillion over the next 10 to 15 years.
“The commitment from LCIF and other investors highlights the excellent growth potential of our HD Hydro technology,” said Stephen Crosher, Chief Executive Officer of RheEnergise. “Over the past 12 months, customers in more than 30 countries have expressed interest in our work. This latest investment, and additional investments we will secure in the future, will accelerate the commercial deployment of our storage solutions. I can.”
Additional Information:
RheEnergise
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