Equity Stake Taken in UK Mobility X Energy Startup Connected Energy

Source Press Release
Company Sumitomo CorporationENGIEMacquarie Group 
Tags Corporate Deals, Deals, Power
Date June 20, 2019

Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; Representative Director, President and Chief Executive Officer: Masayuki Hyodo) and  Sumitomo Corporation Europe Limited (Head Office: London, U.K.; President and CEO: Takashi Yamana) (below, collectively referred to as the “Sumitomo Corporation Group”) have acquired an equity stake in Connected Energy LTD (Head Office: UK; CEO: Matthew Lumsden; below, “CE”), an UK Mobility x Energy company. This is the investment into startup company using our R&D fund in Europe.

The introduction of renewable energy with the output instability raises the problem of the load on the transmission systems. The resilient electrical network with the diversified distributed energy resources will become increasingly important and the storage system which can store the electricity is expected to be prevailed. The storage system can be utilized for the back-up purposes, for the cost reduction through peak-cut and for the new source of profits through the ancillary services (see Note 1).

CE is a startup company that manufactures the large-scale stationary storage system utilizing 2nd Life EV batteries. The product has already been introduced in 11 sites such as EV charging point and renewable energy generation in Europe. CE contributes the automobile industry and also solves the pain in the electric utility industry by expanding the possibilities of the secondary use of EV batteries. 

Sumitomo Corporation Group have focused on the broad value of EV and strives after the diversification of secondary use of EV batteries. By collaborating with CE, we expect to create the new business between mobility sector and energy sector. Going forward, we intend to continue identifying changes in the needs of society and contributing to the development of industry across the globe by investing in companies with innovative technology.

Note 1 : ancillary service : frequency control, balancing power demand and supply etc

Company profile 
Company name  Connected Energy LTD 
Head office  Newcastle, UK 
Business  Large-scale stationary storage system provider utilizing 2nd Life EV Battery  
Major shareholder  ENGIE New Ventures、Macquarie, etc 
Founded  2010 
No. of employees  Approx. 20 
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