Oxford Technology & Innovations EIS Fund (OTIF) subscribes to Brill Power’s $10.5m Series A funding round
- Brill Power has closed a $10.5m Series A financing led by Legal & General Capital, the alternative asset platform of one of the UK’s leading financial services groups, and Barclays Impact Capital. Existing investors Oxford Investment Consultants, Oxford Science Enterprises, Big Rock Capital and Oxford University also participated.
- Brill Power’s breakthrough intelligent battery management system saves money, spares increasingly rare materials and accelerates zero emissions.
- The proven technology is deployed in enterprise stationary storage and residential battery applications.
- The investment will fund team growth and new product development for stationary energy storage and electric vehicles following a series of successful projects.
Oxford Investment Consultants LLP (OIC) is pleased to announce that the Oxford Technology & Innovations EIS Fund (OTIF) has subscribed to Brill Power’s $10.5m Series A financing. The round was led by Legal & General Capital, the alternative asset platform of one of the UK’s leading financial services groups, and Barclays Impact Capital. Existing investors, Oxford Science Enterprises, Big Rock Capital and Oxford University also participated. Shell Ventures and Climate KIC have also became shareholders.
Brill Power, a deeptech spinout from Oxford University, is on a mission to make batteries smarter, cleaner, safer and longer-lasting. A critical element of the shift to zero emissions energy, the Company is commercialising a novel battery management system that improves the performance and reduces the costs of ownership of stationary and motive power batteries. Brill Power’s optimised Active Loading method increases battery life by up to 60% and allows used batteries to discharge up to 46% more energy with a proprietary combination of hardware and intelligent software.
Brill Power’s technology is a key enabler for battery systems in applications including commercial & industrial (C&I) on and off grid energy storage, residential batteries and electric vehicles (EV) in a battery market estimated to hit $400 billion by 2030. Brill Power’s solutions are consistent with their new investor interests in partnering with enablers of clean energy generation including intermittent renewables as part of the wider shift to clean infrastructure, businesses and technologies.
Brill Power’s plans following the investment round are threefold. The Company will be doubling its team size across both engineering and commercial operations. This is while it will expand its product range for both static energy storage and for the world’s largest battery market, EV. The latter based on successful projects completed with Aston Martin, AMTE Power and Delta Cosworth. Finally, the funding will support the next phase in development of company’s data platform (BrillAnalytics) to help customers monitor and predict battery safety, health and performance data remotely.
John Bromley, Managing Director, Clean Energy at Legal & General Capital, said: “As we grow our climate and clean energy platform, investing in Brill Power is an exciting move into energy storage technologies that are crucial to enable an increase of renewables on the power grid, electrification of transport, and to power our homes, businesses and key infrastructure. Through extended lifetimes, improved safety, and waste reduction, Brill Power’s work is setting a new standard for how to store and use clean power to accelerate progress to our net zero emissions goals.”
Dr Chistoph Birkl, Brill Power’s CEO said: “Thanks to our exceptional team at Brill, we have made great strides over the past two years. We have a ground-breaking commercial product in the marketplace and a pipeline of new developments and products to address the stationary energy storage and automotive markets. Our progress and our potential has attracted an impressive cadre of both existing and new investors. We are delighted to welcome Legal & General Capital and Barclays Sustainable Impact Capital on board while also enjoying the continued support of all our existing investors for this important journey ahead of us. We now have the means to act on the opportunity to offer the market step change improvements for zero-emissions technologies – form the benefit of our investors, our customers and also the community we serve.”
Commenting on the OTIF investment, Freddie Hamilton of OIC said: “A lot of investment in battery technologies is focused on advances in chemistry which are expensive to develop, have a long-time to market (if they get there) and enormous capex overheads. Brill Power’s remarkable platform integrates with a wide range of battery chemistries, delivering significant improvements cheaper and right now – something that’s required if we’re going to arrest the climate crisis. We’d like to extend a warm welcome to our new co-investors, and we’re excited to continue our journey with the team.”
Further information on OIC, OTIF and Brill Power can be found at https://www.oxfordinvestmentconsultants.com/