Deal to recycle Jaguar Land Rover batteries could lead to £10m turnover for Norfolk firm
PUBLISHED: 16:41 30 July 2018 | UPDATED: 16:41 30 July 2018
A Norfolk company is targeting a five-fold increase in turnover thanks in part to a link-up with Jaguar Land Rover to recycle its electric vehicle batteries.
Connected Energy has been working on a £1.3m collaboration with the car-maker to re-deploy its used electric vehicle power units as energy storage.
The Hethel-based firm’s technology can combine multiple batteries to create back-up energy sources, and also creates a secondary value for the battery units once they are no longer needed in the vehicles.
The system was originally developed with Renault batteries, but Connected Energy has now announced that it has managed to integrate second-life Jaguar Land Rover batteries as well – a success that opens the door for the technology to be further developed for other manufacturers.
Chief executive Matthew Lumsden said it was a major step forward for the company.
“The Jaguar Land Rover battery is much larger than the Renault – around four times bigger in capacity – and it is water cooled, whereas the Renault batteries are air-cooled, so it is a much more complex integration,” he said.
“We’ve now proven the flexibility of our architecture with another battery.”
The storage systems can be used to charge electric vehicles, smoothing out demand spikes from the grid, or to store surplus power until it is needed – particularly useful with renewable energy such as wind or solar where generation patterns can be uneven.
Mr Lumsden said the breakthrough had come as the company embarked on another funding round which he hoped would lead to a doubling of staff numbers at the 18-strong company.
“We’ve had a very successful year in enhancing the technology and securing sales. Our turnover is around £2m but we expect that to increase significantly and be closer to £10m next year,” he added.
Connected Energy’s technology allows manufacturers to get more value from the batteries, as well as being a better use of the energy, carbon and materials in the building of the units.
Mick Cameron, head of e-mobility at Jaguar Land Rover, said: “From 2020 all new Jaguar Land Rover vehicles will have the option of electrification. This project explores how automotive batteries can be given a second life in energy storage solutions to support wider industry needs.”