Connected Energy said that the investment provides the company with working capital to realize growth plans in the U.K. and Europe.
“The provision of energy storage to support grid stability and create a charging network for electric vehicles will be a major theme in power infrastructure over the coming years,” Matthew Booth, senior managing director in Macquarie’s Commodities and Global Markets group said in a statement.
Connected Energy’s E-STOR product uses second life Renault EV batteries to provide grid services, according to the company’s website.
Last June, Renault reached an agreement with London-based Powervault for the reuse of Renault’s EV batteries in a residential solar+storage trial. The batteries were included in 50 trial units.
Powervault said at the time that EV batteries have a lifetime of between eight to 10 years, and their reuse in a home battery system can extend the useful battery life up to 10 years.
Lead image credit: Renault