Battery management technology specialist, Dukosi, has secured an additional £1.2m of series A investment to accelerate the development and commercialisation of their smart battery technology for high efficiency automotive, renewable, grid and local energy storage. The latest investment round for Edinburgh based Dukosi follows £1m of investment received in late 2014 from existing shareholders, led by IP Group plc, with Par Equity and the Scottish Investment Bank.
The company’s electronics and software supervises and controls high performance battery systems for electric and hybrid cars as well as grid energy storage and renewables applications such as wind and solar farms. The battery management systems ensure the safe operation of large batteries, optimise their operational performance and maintain the durability of the battery cells over many years, or even decades, and thousands of charge cycles.
Their disruptive technology is predicted to have a positive impact on the Lithium Ion (Li-ion) battery cell market that is forecasted by Frost & Sullivan to reach $75b by 2020 with an annual growth rate of around 57% . The addressable market for battery management technology tracks this market and is predicted to reach $6b by 2020.
CEO, Dr Gordon Povey said: “We are seeing significant growth in the lithium-ion battery markets worldwide largely driven by the increasing sales of electric and hybrid cars. The demand for grid and renewables battery storage is also showing evidence of very strong growth. Every large lithium-ion battery system requires battery management technology and over the last two years we have been intensively developing our unique world leading smart battery management technology that has now been demonstrated in a road-going electric vehicle. We will use this investment to enhance our technology, orientate the company for volume production and build our commercial pipeline.”
According to CTO, Joel Sylvester “We provide a fully distributed battery system architecture with cell-level intelligence. Our technology is designed to be suitable for virtually any battery chemistry, any scale of battery system and application. The hardware is identical for both automotive and grid applications, the core IP in the firmware and software is adapted to each battery application. We design optimal algorithms that run on a cell-by-cell basis by using models developed with a leading UK university. Lithium-ion batteries were invented in the UK and we are fortunate to have unique access to some of the world leaders in the field of battery technology. It’s great to think that not only academics benefit from this investment, but potentially the UK economy too.”
Chairman, Clive Scrivener says: “By adding advanced cell modelling and power electronics enhancements, Dukosi is meeting the rapidly growing demands of the automotive and static energy storage industries for more efficient technology. Our disruptive, distributed, cell level approach enables the company to deploy ever more cost effective battery solutions to support an accelerating low carbon economy. We believe they have a very bright future ahead of them.”