In our latest podcast, the second instalment of our low-carbon transport series, Ali Naini, a managing director at Turquoise, interviews Matthew Lumsden, founder and CEO of Connected Energy.
The car industry’s shift towards electric vehicles (EVs) has been gaining momentum over the past few years. There are several reasons for this shift, including environmental concerns, advances in technology, and changing consumer preferences. This transition was one of the focal points at this week’s FT Future of the Car Summit.
Advances in battery technology have also played a major role in the shift to EVs. Batteries have become more efficient and affordable, allowing EVs to travel further on a single charge and reducing the cost of producing electric cars. However, EV Batteries typically become redundant when their capacity falls by just 25%. That’s why battery reuse in other applications is essential to maximising the environmental benefits of EVs.
Only a few companies worldwide have demonstrated that commercial battery storage systems can benefit from second-life vehicle batteries, providing considerable environmental benefits. Connected Energy, which specialises in the reuse of EV batteries, is among them. Founded by entrepreneur Matthew Lumsden in 2010, Connected Energy’s pioneering energy storage solution almost doubles the EV battery’s lifespan.
Connected Energy takes out-of-commission batteries, repurposing them as components of a grid-scale energy storage system, which are needed to smooth fluctuations both in demand by energy users and in supply by wind and solar farms. “Our objective is to provide our customers with circular energy storage systems and our battery supply partners with reliable routes to market for their second-life batteries,” Lumsden explains.
Energy storage can help lower energy costs, generate new revenue, optimise on-site renewable use and manage peak loads. Connected Energy’s E-STOR system technology has been designed for energy storage customers wishing to install systems behind or in front of the meter.
In the podcast, Ali and Matthew discuss:
- Connected Energy’s position in the evolving ecosystem of battery metals, car manufacturing, battery production, reuse and recycling
- Investment in the business and the strategic partnerships Connected Energy has established
- The projected market for second-life batteries
- Connected Energy’s plans for the future
“Connected Energy’s approach is doubly beneficial in that it reduces the cost and environmental impact of EV batteries, while the energy storage systems that it makes facilitate both the wider adoption of renewable energy and the faster roll-out of EV charging stations,” comments Ali Naini. “Our podcast shares valuable insights on how the business creates substantial value across the supply chain, improving the residual value of both EVs and batteries for fleets and businesses.”
Connected Energy works with a range of EV manufacturers, recyclers, funders, energy storage users and policy makers globally to source thousands of batteries each year. Its backers include Caterpillar, Engie, Hinduja, LCIF2, Macquarie, Mercuria, Sumitomo, Volvo Group and OurCrowd, with partners including Renault and Forsee Power. These relationships enable the business to access an ever wider market, tailoring battery availability to specific sites and projects.
Turquoise has invested in Connected Energy via the Low Carbon Innovation Fund 2
(LCIF2), managed by Turquoise.
To listen to the podcast, visit https://bit.ly/3VN38AN.