Storelectric secures £125,000 angel investment

Preston-based Storelectric has secured £125,000 funding from three business angels to help develop renewable energy storage plants, thanks to Access to Finance.

Its angel funding will be used to develop initial designs for a 40MW pilot plant in salt caverns that will be able to store national grid energy safely and efficiently by 2016, and to secure its intellectual property.

Compressed air energy storage is vital because renewable energy sources such as wind, solar and tidal powers are intermittent and their peaks and troughs of production are unrelated to demand.

"But power stations are very inefficient when used in this way, and this inefficiency cancels out most of the environmental benefits of the renewable power. For this reason, power stations used as back-up to renewable power are increasingly unprofitable. Not only is this driving their owners towards bankruptcy, but the owners are being forced to shut them down in order to survive. This means that the amount of back-up available is reducing, which could soon lead to black-outs. Truly grid-scale electricity storage solves this by providing this environmentally friendly back-up power for peaks, enabling renewable energy to operate efficiently, cost effectively and profitably with few or no subsidies.

Access to Finance advisor Akshay Bhatnagar said: “The North West is home to many ambitious companies who may be in need of an injection of funding to help accelerate their growth plans and Storelectric is a great example of how A2F can help businesses. Energy use and storage is a major issue for government and CAES offers a genuine solution for the future. There is also huge potential worldwide where demand is 10-100 times that of the UK, depending on suitably located salt basins. “Angel investment in businesses has never been more popular as banks remain cautious and investors also look elsewhere for a return on their money. Having introduced them at a recent North West business angels pitch event, we are delighted that Storelectric and their investors are now working closely together to make the pilot plant a reality.”

Enjoyed this? Read more from Lancashire Business View

Latest news

1

Fit-out begins at hospital's new £1.5m annex Greater Lancashire Hospital Annex

Fit-out begins at hospital's new £1.5m annex

13 Jun 2024

2

Ribbon cut on Blackpool's £23m tramway extension Blackpool Tram Extension Launch

Ribbon cut on Blackpool's £23m tramway extension

13 Jun 2024

3

Optimism for construction firms as sector welcomes return to growth Joe Sullivan, MHA Moore and Smalley.jpg.jpg

Optimism for construction firms as sector welcomes return to growth

13 Jun 2024

4

Rainbow Hub challenges your team to walk over hot coals Chris Jones walking on hot coals with flames.jpg.jpg

Rainbow Hub challenges your team to walk over hot coals

13 Jun 2024

5

Root Fifty-Two welcomes fresh talent to its web development team IMG_2400.jpg.jpg

Root Fifty-Two welcomes fresh talent to its web development team

13 Jun 2024

Lbv116 Ltb Strip980
Background image for hub sign up block

LBV Hub

Reach 50,000 members of the Lancashire business community

Post your news
Post your events
Post your offers
Company profile
Social reach
Magazine coverage
Sign-up
Events
RISE - The Academy for Female Leaders and Managers
WENDY BOWERS RISE Illustrstion copy.jpg.jpg
LBV Hub Seminars
11 Jun 2024 - 04 Dec 2024

RISE - The Academy for Female Leaders and Managers

East Lancashire Chamber of Commerce, Clayton le Moors, BB5 5JR

09:00 - 16:30

Business Networking in Preston - BNI Brunch
EVENT LISTING SIZING Brunch .png.png
LBV Hub Networking
14 Jun 2024

Business Networking in Preston - BNI Brunch

Samlesbury Preston Hotel, Preston New Road, Preston, PR5 0UL

09:30 - 11:00

Chamber Annual Dinner
Chamber Logo1.png.png
LBV Hub Social
14 Jun 2024 - 14 Jun 2024

Chamber Annual Dinner

Morecambe Football Club, Morecambe, LA4 4TB

19:30 - 00:00

Business Networking in Blackburn - BNI Infinity
EVENT LISTING BNI Infinity.png.png
LBV Hub Networking
14 Jun 2024

Business Networking in Blackburn - BNI Infinity

Hampton by Hilton, 2 Frontier Ave, Blackburn, BB1 3AL

06:30 - 08:30

Liverpool City Region Business Expo
LCR 22 EXPO IMAGE.jpg.jpg
LBV Hub Exhibitions
14 Jun 2024

Liverpool City Region Business Expo

Exhibition Centre, Liverpool, L3 4DQ

09:00 - 15:00

Business Networking in Chorley - BNI Endeavour
EVENT LISTING SIZING Endeavour.png.png
LBV Hub Networking
18 Jun 2024

Business Networking in Chorley - BNI Endeavour

Oak Royal, Bury Lane, Chorley, PR6 8SW

06:30 - 08:30

Business Networking in Blackburn - BNI Vista
EVENT LISTING SIZING Vista.png.png
LBV Hub Networking
18 Jun 2024

Business Networking in Blackburn - BNI Vista

Hampton by Hilton, 2 Frontier Ave, Blackburn, BB1 3AL

06:45 - 08:30

Exclusive Free Event - An inspiring morning with Professor Paul McGee, The SUMO Guy
Paul McGee Event
LBV Hub Seminars
19 Jun 2024

Exclusive Free Event - An inspiring morning with Professor Paul McGee, The SUMO Guy

Village Hotel Blackpool , Blackpool , FY3 8LL

08:30 - 13:00

Free 4 Week Growth Ignition Coaching Programme
UCLan Primary logo RKE.png.png
LBV Hub Seminars
19 Jun 2024 - 03 Jul 2024

Free 4 Week Growth Ignition Coaching Programme

Online, Preston, PR1 2HE

12:00 - 13:30

Bold Moves Mastermind - Procrastination to Profitable Pricing
BV Online Course Title pages (1).jpg.jpg
LBV Hub Seminars
19 Jun 2024

Bold Moves Mastermind - Procrastination to Profitable Pricing

Oswaldtwistle Mills Business & Conference Centre, Oswaldtwistle, BB5 0EY

09:30 - 12:30

Business Networking in Accrington - BNI Zeus
EVENT LISTING SIZING Zeus.png.png
LBV Hub Networking
19 Jun 2024

Business Networking in Accrington - BNI Zeus

The Mill House, Corn Mill Yard, Accrington, BB5 5HX

06:45 - 08:30

Business Networking in Preston - BNI Diamond
EVENT LISTING BNI Diamond.png.png
LBV Hub Networking
19 Jun 2024

Business Networking in Preston - BNI Diamond

The Marriot Hotel, Garstang Road, Broughton, PR3 5JB

07:15 - 09:00

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV116 Online Graphic
Subscribe now

Weekly news bulletin