Aston Martin's former CEO's new venture purchases Oxford-based spinoff following a £5 million funding round
PETL Acquires Brill Power to Bolster Energy Storage Capabilities
In a significant move, Palmer Energy Technology Limited (PETL), a London-based battery storage company, has acquired Brill Power, a spinout from Oxford University known for its advanced battery management systems. The acquisition is backed by a new £5m Series A investment.
The integration of Brill Power's electronics across PETL's automotive-grade battery storage systems will give them a leading position in the market. PETL designs stationary battery systems built to automotive engineering standards, and with Brill Power's technology, they will be instantaneously positioned to serve customers in the transition to electric vehicles and net zero transportation.
Brill Power's technology uses cell-level control and active balancing to improve safety and extend service life. This technology, when combined with PETL's large-scale energy storage expertise, will unlock innovative energy procurement solutions. The deal will allow PETL to accelerate their business and give the UK a leading position in BESS (Battery Energy Storage System) technology.
FirstGroup plc, a FTSE 250 constituent, UK transport operator and a PETL customer, has invested in the funding round and will take a seat on the London firm's board. Faizan Muhammad, investment director at FirstGroup plc, has stated that this investment continues their strategy of backing new and innovative companies aimed at achieving a zero emission fleet by 2035.
Dr Andy Palmer, CEO of PETL, has expressed his excitement about the acquisition. He believes that it will enable them to advance development of next generation control systems. Notably, Dr Palmer recently left his role as chair of PodPoint, which was acquired by Paris-based EDF in a £10.6m deal two months ago.
Barclays Climate Ventures and the University of Oxford have also invested in PETL. When batteries are taken off electric buses, PETL's systems will provide second life use cases. However, a £14.75m battle between Brighton law firm and Metro Bank, although not related to the PETL-Brill Power acquisition, is currently making headlines.
Four years ago, PodPoint was valued at £350m during its IPO. With the acquisition of Brill Power, PETL is poised to make a significant impact in the battery storage industry, contributing to the UK's transition towards a net zero carbon economy.
