Series A funding is usually closed after a first significant round of venture capital financing and is traditionally a critical stage in the funding of new companies. Series A investors typically purchase 10 percent to 30 percent of the company. The aim is to capitalise the company for a period of between 6 months to 2 years, supporting the company in its development of products, performance of initial marketing and branding, hiring of employees and other early-stage business operations.
The investment will be used to commercialise Certain Energy’s technology and prepare it for deployment to stabilise grids and provide power during periods of low renewables production.
The funding round, led by the British Business Bank with participation from Centrica plc, Ceres Power Holdings plc and Temasek Trust’s Catalytic Capital for Climate and Health (C3H), will support Certain Energy as it scales its technology for volume production. This will include the development of a grid-connected MWh-class system in India, expansion of its research facility in the UK, and the creation of the supply chain needed to deliver replicable projects.
“The renewable power market is held back by its vulnerability to external factors” said Executive Chair, Mark Selby. “Last year, the UK Government spent around £1.5 billion asking renewable energy providers to shut off their operations during peak production, and left unaddressed, the grid operator expects that to climb towards £8 billion a year by 2030. The answer is long duration energy storage, and Certain Energy has the technology and now the funding to deliver highly efficient, affordable batteries, based on abundant materials, to make this a reality.”
Founded in 2017 as a spin-off from Imperial College, Certain Energy was created to build battery stores to harvest clean energy and use it to stabilise grids and turn variable renewables into firm green power when required, helping the grid waste less energy and rely less on gas peaker plants.
“Homegrown clean energy is our route to more affordable bills and energy security, and storing it for when we need it most is critical” added Michael Shanks, Minister of State in the Department for Energy Security and Net Zero. “By investing £3.5 million in Certain Energy, the British Business Bank is backing British innovation and helping develop the long-duration energy storage we need to store clean power for days, not hours, and deliver a more secure energy system.”
Previously known as RFC Power, Certain Energy is a British champion in long-duration energy storage (LDES).
Certain Energy’s flow batteries are built on manganese, the twelfth most abundant element in the Earth’s crust. Unlike conventional batteries, the system can extend discharge duration by simply increasing the size of its electrolyte tanks, enabling storage from hours to days.
With round-trip efficiency above 75 percent, the technology is able to compete economically with lithium-ion batteries on key grid services, while also supporting the resilience and reserve functions needed by an increasingly renewables-heavy grid.
Its patented electrolyte is designed for a 20-year operating life with minimal capacity degradation, while its design and materials have the potential to reduce marginal storage costs to around one-tenth of comparable vanadium flow batteries and much cheaper lithium-ion energy storage systems.
“Long-duration storage is the missing piece of the clean energy system, and manganese flow is the technology that should win” said Chief Executive Officer Tim von Werne. “With the British Business Bank behind us, we have the capital and the mandate to build a global champion here, turning world-class UK science into the industry the energy transition needs.”
