Backing from Par Equity and SIB
Battery pioneer gets £2m for product roll-out
Global demand for batteries is growing rapidly, and the demands of complex, high voltage, multi-cell applications are pushing traditional battery pack management technologies to their limits.
Analysts predict that the battery sector for electric vehicles alone will rise to a $10 billion market by 2020.
Edinburgh-based Dukosi ‘s technology improves the performance of batteries in electric vehicles, industrial and grid energy storage applications.
Following several years of research, development and testing, Dukosi says its technology reduces battery complexity, removes almost all data wiring and improves measurement accuracy.
This latest funding round, led by IP Group with support from the Scottish Investment Bank and Par Equity, takes the company through the final development and readiness of the semiconductor. It also supports the expansion of Dukosi’s team in Edinburgh with new roles in electronics design, software, cell modelling and electrochemistry.
Clive Scrivener, chairman (pictured), said: “We’ve had incredible feedback from our demonstrations to the industry.
“Our technology resonates with stakeholders throughout the battery supply chain and with the users of battery packs, who all recognise that innovation has a key role to play in meeting the growing demands of managing complex battery systems.
“With this funding, we’re taking the next step to make our vision a reality and bring a new level of intelligence to batteries.”
Jamie Vollbracht, director, Cleantech, IP Group, who sits on the Dukosi board as a non-executive director, said: “We back companies with transformative approaches to provide clean energy. Technologies that bring more intelligence to batteries represent a compelling area for investment and we are delighted with the tremendous progress the Dukosi team has made since our first investment in 2014.
“We look forward to seeing this technology being used to optimise batteries in a host of different applications.”
The investment round was fully subscribed by existing shareholders, including IP Group, Scottish Investment Bank, the investment arm of Scottish Enterprise, and members of Par Equity.
Kerry Sharp, head of the Scottish Investment Bank, said: “Dukosi is a great example of a globally ambitious and innovative company developing new technology to support the expanding clean energy sector with applications in electric vehicles and energy storage.
“Scottish Enterprise is pleased to be able to continue to support the company’s technology development and expansion, with investment through the Scottish Co-Investment Fund alongside our partners.”
IP Group is an intellectual property commercialisation company which focuses on evolving great ideas, mainly from its partner universities, into world-changing businesses.