Australia’s Relectrify secures funding to further develop battery energy storage
Relectrify has secured funding from the Clean Energy Innovation Fund on behalf of the Government of Australia.
A $750,000 ($590,000) early stage equity investment was secured through Relectrify’s recently closed A$1.5m ($1.1m) pre-Series A equity round. The fund is expected to expand production and conduct commercial trials for the company's battery energy storage technology.
Relectrify's advanced battery control technology is capable of lowering the cost of repurposing electric vehicle batteries, while improving performance and lifetime. The technology has applications for home energy storage solutions, featuring both power electronics hardware and battery optimisation software.
In addition, a wide range of batteries including 12V batteries, household solar battery systems, and grid-scale storage could be recycled and repurposed.
Relectrify CEO and co-founder Valentin Muenzel said: “Batteries are becoming a fundamental building block of the new energy industry, and is seeing significant uptake across households, businesses, and the power grid.
“There is an immense need for affordable and capable storage across almost all parts of our lives now and in the future.
“When electric vehicles can no longer provide the driving range and acceleration required, most batteries can still be charged and discharged a further 2,000 times. The trouble is large battery packs contain hundreds of individual cells, and if one isn’t working, the whole system stops functioning.”
Currently, home batteries account for a small part in Australia’s energy storage, but is estimated to be capable of storing around 15GWh of energy by 2035.