Electric vehicle (EV) charging start-up Levistor has exceeded its initial crowdfunding target in the first week of its official launch.
The company – which was born out of City, University of London – has developed low cost, durable energy storage technology that could help accelerate the roll-out of ultra-rapid EV charging infrastructure.
Levistor has developed a flywheel energy storage system (FESS) or kinetic battery, to help provide ultra-rapid charging without the need for costly upgrades to the grid. This technology stores up energy from the grid at times of low demand, and can then release it at high speed to charge EVs, providing 100 miles of range in just five minutes, according to the company.
The FESS can be connected to the grid above or below ground, and both singularly or in multiples, making it well suited to service stations, tourist destinations, bus and rail terminals, fleet depots and distribution centres, Levistor continued.
“By 2030, all new vehicles will be electric but the biggest thing stopping motorists buying EVs at the moment, according to a survey by Kwik Fit, is a lack of fast-charging points and the connected worry about range,” said Matt Journee, chief executive of Levistor.
“Our neat and cost-effective technology will put an end to EV range anxiety, so encouraging the take-up of EVs in all parts of the country, especially in rural areas. Importantly, we can strengthen the grid quickly and at a much lower cost.”
The company launched a crowdfunding campaign earlier this month through Crowdcube to help commercialise and roll out its storage technology within the next two years. It has now exceeded its initial target.
Levistor has received grant support previously from Highways England, the UK Office for Zero Emission Vehicles, Innovate UK, the Department for Business, Energy & Industrial Strategy, as well as private investment.