Company readies for production of wireless, cell-based management system for electric vehicle, industrial and grid energy storage applications
Edinburgh, UK - March 2, 2017 - Dukosi, the battery management systems innovator, today announced it has secured a further £2 million in funding, led by IP Group plc.
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 variously predict that the battery sector for electric vehicles alone will rise to a $10 billion market by 2020.
Dukosi has developed a unique battery management system that collects, processes and stores data directly at the cell. Using novel wireless technology the system transmits real-time information on cell performance to support master level control of the battery pack. Dukosi's ground-breaking approach enables improved design, deployment and management of batteries in electric vehicles, industrial and grid energy storage applications.
Following several years of research, development and testing, Dukosi is readying for production of its semi-conductor chip based solution that collects highly accurate and frequent data at a cell level, to generate real-time state of charge and state of health results. Using Dukosi's technology reduces battery complexity, removes almost all data wiring, improves measurement accuracy, and provides a history of each cell.
This latest funding takes the company through the final development and readiness of the semiconductor, including extensive multi-industry certification. It also supports the expansion of Dukosi's team in Edinburgh with new roles in electronics design, software, cell modelling and electrochemistry.
"We've had incredible feedback from our demonstrations to the industry," said Clive Scrivener, Chairman, Dukosi. "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 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 plc, 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."
Dukosi is a developer of intelligent wireless technology that transforms the way batteries are designed, deployed and managed in electric vehicle, grid and industrial energy storage applications. By reducing complexity, improving accuracy, and providing a unique history for each cell, Dukosi dramatically reduces the cost and weight of batteries, optimises individual cell performance and extends their useful life. For more information, visit www.dukosi.com
About IP Group
IP Group is a leading intellectual property commercialisation company which focuses on evolving great ideas, mainly from its partner universities, into world-changing businesses. The Group has pioneered a unique approach to developing these ideas and the resulting businesses by providing access to business building expertise, capital (through its 100%-owned FCA-authorised subsidiary IP Capital), networks, recruitment and business support. IP Group has a strong track record of success and its portfolio comprises holdings in approximately 80 early-stage to mature businesses across four main sectors -- Biotech, Cleantech, Healthcare and Technology. The Company is listed on the Main Market of the London Stock Exchange under the code IPO. For more information, please visit our website at www.ipgroupplc.com.
About Scottish Investment Bank
The Scottish Investment Bank (SIB) is the investment arm of Scotland's main economic development agency, Scottish Enterprise, operating Scotland-wide in partnership with Highlands and Islands Enterprise. It manages a suite of co- investment funds including the Scottish Co-investment Fund and the Scottish Venture Fund, which are partly funded by the European Regional Development Fund (ERDF), Renewable Energy Investment Fund and the Scottish Recycling Fund. SIB is the cornerstone investor in the privately-managed Scottish Loan Fund, managed by Maven Capital Partners and an investor in Epidarex Capital's life sciences fund. SIB's investment funds support Scotland's SME funding market to ensure businesses with growth and export potential have adequate access to growth capital. SIB also provide a team of Financial Readiness specialists to help companies prepare for new investment and access appropriate finance.
About Par Equity
Based in Edinburgh, Par Equity invests time and money in young, innovative companies with global potential. Dukosi is a portfolio company of the Par Syndicate, one of Scotland's leading business angel groups. For more information, please visit our website at www.parequity.com.