Advanced battery developer Aceleron, which operates from Birmingham and Brunel universities, has been backed by the Midlands Engine Investment Fund.

Aceleron, a UK-based advanced battery developer founded by alumni of University of Birmingham and Brunel University London, raised £150,000 ($195,000) yesterday from the UK government-sponsored Midlands Engine Investment Fund (MEIF).

MEIF, funded by the British Business Bank, invested the sum through its proof-of-concept and early-stage vehicle, which is managed by Mercia Fund Managers.

Founded in 2016, Aceleron manufactures a modular and reusable lithium battery that comes with a range of data services to help clients optimise parameters for a longer lifespan.

The battery, branded Circa, is designed for energy storage applications such as off-grid power management, leisure and mobility.

Aceleron also plans to make products with recycled components from exhausted batteries and is currently working towards a partnership with an unnamed battery disposal firm.

MEIF’s investment will support ongoing pilots of the Circa model as Aceleron aims to lock in full commercial orders ahead of a fresh funding round anticipated in early 2019.

The company works from University of Birmingham’s Bizzinn incubator but also has operations at Central Research Laboratory, a co-working space at Brunel.

Aceleron previously received $230,000 in angel funding from undisclosed investors, however a date for the transaction could not be ascertained.

Julian Dennard, fund principal at Mercia Fund Managers, said: “Aceleron is an exciting business with the potential to disrupt the battery market.

“The ability to turn waste components into second-life batteries, together with its design for the world’s first serviceable lithium battery, offers the opportunity to establish an ‘energy-as-a-service’ business model.”