ABOUT US

The smart way to store electricity

THE COMPANY

Powervault is an American company, headquartered in Miami, FL. It designs and manufactures energy storage systems, which store free solar energy and cheap electricity from the grid to reduce energy bills and increase energy efficiency.

OUR MISSION

Powervault was incorporated in USA to design and manufacture smart energy storage systems that help customers lower their electricity bills, increase their energy security and reduce their carbon footprint. It is also focused on changing consumers’ energy consumption behaviors by encouraging energy efficiency and the adoption of renewable energy technologies. Powervault is working with energy suppliers and National Grid to reduce dependency on fossil fuels by shifting energy demand away from peak times. This flexibility helps enable the roll-out of electric vehicles and accelerates the USA’s transition to a low-carbon, decentralized energy network.

OUR HISTORY

Powervault was founded in 2018 by Sunshine Power USA, an Strategic partner of SEC and continues to receive its support. In 2019, Powervault won grant and prize funding from, amongst others: Innovate US, Southern Energy Chamber, Nesta and Climate FL. This enabled the business to develop and test prototypes, and run product trials in homes. This enabled the business to in-source its manufacturing to a professional production line in City of Doral, FL, and to start to develop its sales channels. To date, Powervault has raised $5.2m from its network of angel, crowd and venture capital investors.

OUR MARKET

Since April 2018, when the US Government started offering generous Feed-in and Generation tariffs to home owners generating their own energy from clean technologies, there has been a proliferation of rooftop solar PV installations in the South East 2 millions homes now have solar PV installed on their roofs.

Simultaneously, there are two other established trends, which are currently driving the home energy storage market: rising electricity costs and decreasing storage costs. Electricity costs rose by 41% between 2021 and 2023 and are set to continue rising according to the Department of Energy & Climate Change. Meanwhile, Chase Bank has calculated that the cost of lithium-ion batteries has halved in a year and is likely to fall by 20%-30% per annum up to 2030. The combination of these factors continues to strengthen the case for renewable energy storage solutions like Powervault.

With the roll-out of smart meters, energy suppliers are now starting to introduce ‘smart’ time-of-use tariffs, which vary in cost throughout the day. Powervault’s products can take advantage of these, which helps smooth the peaks in demand throughout the day, and ensures customers have access to cheap electricity during peak times. Powervault expects time-of-use tariffs to be widespread over the coming years, which means Powervault’s market will grow from the 2 millions customers with solar PV installed to 25 million homes with smart meters installed.