Dukosi, the battery management systems innovator 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.”