Powervault secured a place in the final at InnoEnergy‘s global call for electricity storage businesses. The final, held at Beurs van Berlage in Amsterdam, saw 10 winning finalists from across the world go head-to-head for the crown of most innovative electrical storage technology or business model.
Narrowed down from over 220 applicants, all 10 finalists will receive a place and a tailored package of support, training, services and funding. Finalists are allocated to a programme depending on their specific business needs; the Highway uses a hands-on approach to support early stage start-ups in the go-to-market phase, helping ready products for commercialisation while the Boostway programme supports scale-ups to grow their businesses.
Judging the event, InnoEnergy CEO Diego Pavia said:
Supporting its work with the European Battery Alliance (EBA), InnoEnergy focused this inaugural competition on electric storage innovations for applications in transportation, for grid, distributed and mobile energy storage, or to deliver energy efficiency improvements and emissions reductions. The energy systems revolution has started but it will not happen without storage solutions, which is why we are identifying and supporting disruptors in this field.
Powervault, alongside 9 other winning finalists, will gain access to a network of more than 400 partners and including specialist business angels, InnoEnergy’s European VC community and public funding bodies. Powervault will also gain board-level advice and mentorship and a front-row seat at European energy events including The Business Booster – InnoEnergy’s annual networking event where companies across the energy value chain attend to meet clean-tech disruptors and innovators under one roof.
The new investment will allow StormHarvester to accelerate the international roll-out of its ground-breaking technology. In 2019 StormHarvester expanded into 19 new markets through a partnership deal with Dutch infrastructure giant Wavin. Now, the company will expand its team and enter the US, Canadian, Australian and New Zealand markets.
StormHarvester’s award-winning technology uses machine learning, rainfall prediction and forecasting tools to monitor and control water and wastewater networks. Recognised as one of the most promising water technologies worldwide, StormHarvester optimises network performance to manage extreme weather conditions, reduce urban flooding and facilitate the reuse and recycling of rainwater.
Today StormHarvester is launching a major recruitment drive, hiring additional software engineers and drainage engineers in Belfast, and expanding its global sales and marketing team. The company will create 30 new jobs in the next 3 years.
Green Angel Syndicate led the €2 million investment round, which also includes Invest NI Co-Fund II and local HBAN business angels, Techstart Ventures, London-based Eden Rock and a number of local and international angel investors.
2020 has been a challenging year for global water and waste-water networks as extreme flooding events were followed by consumers across the world shifting to working from home, putting additional pressure on networks and limiting the ability of engineers to access problem sites. StormHarvester’s innovative network management solution allows utilities to manage their systems remotely, and is being trialled by major utility companies in the UK, Belgium and Germany.
As a drainage engineer dealing with extreme weather conditions, StormHarvester founder Brian Moloney identified the potential of using predictive technology to manage water storage. The concept and StormHarvester technology was subjected to five years of research and development before the company was launched in 2017.
The company's chief executive Brian Moloney said: “This €2 million investment will allow us take our technology further into the European market and also enter the exciting North American market. We are planning to action our aggressive hiring plan over the coming months and grow our team significantly. This will initially focus on building our capacity to tackle major water management and sewer pollution issues through the hiring of software engineers, data scientists and drainage engineers, as well as expanding our marketing team to raise awareness of our products”.
John Waters, a Green Angel Syndicate investor who will join the StormHarvester Board as a Non-Exec Director said "Green Angel Syndicate is delighted to have led the funding raise for StormHarvester, whom we believe can play a major role to reduce the social and economic impacts of urban flooding and accelerate the recycling of rainwater. This is the largest amount GAS has raised for a company to date which reflects the confidence we have in Brian and his excellent team to promote the sustainable use of our precious water resources. I look forward to working with Brian, Neil and the rest of the Board to support the next stage of company growth.”
Techstart NI and Co-Fund NI are delivered by Invest Northern Ireland and supported by the European Regional Development Fund under the Investment for Growth & Jobs Northern Ireland Programme (2014-2020).
Claudine Owens, investor at Clarendon Fund Managers, which manages both Co-Fund II and HBAN in Northern Ireland, said: “StormHarvester’s technology is designed to solve a global problem and as concern about climate change grows there is already considerable interest and excitement about what the team is doing. We are delighted that both CoFund II and HBAN investors are supporting this funding round, which will help take the company into its next phase of growth.”
Jamie Andrews, a partner at Techstart Ventures, who led the original Stormharvester seed investment round said: “We saw the potential in StormHarvester from an early stage. Water shortages and pollution are two of the most serious issues facing our planet and StormHarvester works to address both with its innovative technology.”
For further information contact:
Séamus Conboy, Red Flag - firstname.lastname@example.org +353 86 403 8726
StormHarvester is an award-winning green-tech company headquartered in Belfast, Northern Ireland. Urbanisation, climate change and population growth have combined to put unprecedented strain on our water supplies and drainage infrastructure, bringing with it an increased risk of extreme flooding in urban areas. StormHarvester uses advanced weather forecasting and predictive technologies to create smart water and drainage control networks that address these problems. StormHarvester’s fully integrated predictive and proactive water management control systems are used in residential and commercial developments and by water utilities. Backed by venture capital fund Techstart Ventures, StormHarvester now operates in 20 countries.
In the last year, StormHarvester has:
• Claimed the Technology Innovation Award at the UK’s ICE Future of Water conference.
• Won the prestigious Accelerator Award at the New Civil Engineer TechFest Awards, sponsored by global engineering consultancy Mott McDonald
• Been identified as one of the world’s most promising water technology start-ups by Imagine H20 and invited to participate in an accelerator programme at Water Innovation Week in Singapore, where they claimed a $50,000 dollar prize as the most promising start-up.