Elbow Beach leads £900,000 Allye storage funding round

Elbow Beach Capital has led a £900k seed investment round into battery technology and energy storage company Allye.

Allye’s software-enabled hardware will initially target industrial and commercial customers, deploying “self-learning battery systems at scale,” a statement said. Allye’s first offering, the Max, is a mobile energy storage system that repurposes healthy battery packs from electric vehicles. The Max is a 300kWh energy storage system which combines battery storage technology and intelligent software to bridge the gap between two separate markets: stationary battery energy storage systems (on-grid) and mobile temporary power solutions (off-grid). 

The proceeds of this round will be used to support the manufacture and launch of the Max with first systems for industrial users expected in Q3 2023. Allye is targeting the installation of 10,000 Max units by 2030 providing an installed capacity of 3GWh. 

From 2030 onwards, Allye will look to install 5,000 units per year.

Allye expects to generate £8.5million in revenue next year and £45m in 2025.

Nick Charman, chairman of Elbow Beach said: “Allye’s innovative technology and the exceptional team behind the company align perfectly with our investment thesis. We are excited to support Allye on their journey as they tackle multiple pain points simultaneously and unlock the vast potential of energy storage solutions.”

Jonathan Carrier, CEO of Allye added: “Elbow Beach Capital and Alpha Future Funds share a commitment beyond the financial. They believe smart energy storage can accelerate the decarbonisation of the electricity grid and help businesses and households access cleaner, cheaper energy. This investment will provide us with the platform for future success.”