Cheesecake Energy secures £3.5m in pre-series A funding.
University of Nottingham spinout Cheesecake Energy has raised £3.5 million from UK and Ireland investor BGF.
Cheesecake Energy Ltd (CEL), a Nottingham, UK-based energy storage startup has raised £3.5 million (US$4.2 million) in pre-series A funding. The round was led by BGF with support from Perivoli Innovations and private investors including former Jaguar chair, Sir John Egan. The funds will be used to grow the CEL team, begin pilot deployments of the company’s technology, and build partnerships with potential manufacturing and distribution partners around the world.
The company’s unique eTanker technology stores electricity in the form of heat and compressed air. To store the energy, electric motors are used to drive compressors, which deliver high pressure air & heat into storage units. When thFor furte electricity is required, the high-pressure air and heat is passed back through the same compressor, now working as an expander, which turns a generator to produce electricity.
With its simple raw materials and longer life, the eTanker will displace lithium-ion batteries in a wide range of static applications, from industry and agriculture to transport and renewable generation.
For further information, please visit the BGF website here.
