ENGIE New Ventures invests in smart radiators from Lancey Energy Storage26/09/2019
3 years after its creation, Lancey Energy Storage, the inventor of the electric radiator that embeds a battery, has taken a new step and announced an 8 million Euro fundraising campaign with ENGIE New Ventures, Yves Chabot (President of Stelpro, Canadian leader in the manufacture and marketing of electric radiators), the European Union (SME instrument grant), as well as from Business Angels and bank loans.
This capital increase and these new strategic partnerships will enable the start-up to industrialise its manufacturing process and accelerate its development in France and abroad.
Lancey Energy Storage is moving up a gear with the announcement of its second round of funding: 8 million Euro (after 1.3 million Euro in seed funding in its first year).
The start-up has created an intelligent and connected electric radiator, incorporating a lithium-ion battery, to store energy when it is less expensive or carbon-free and to feed it back into the domestic network, to supply all the electrical appliances of the household and subsequently reduce the electricity bill. It is therefore a very virtuous solution for users who’ll benefit from a significant reduction in their electricity bills. But, it is also a commendable solution for the grid, because storage makes it possible to integrate more renewable energy.
"We are very excited about this investment in Lancey, as part of ENGIE's strategy to lead the energy transition for the benefit of our customers and stakeholders, through the objective of reducing peak electricity demand and carbon footprint athwart the replacement of existing electric radiators," said Johann Boukhors, Managing Director of ENGIE New Ventures (ENGIE's Corporate Venture Capital Fund.
In less than 3 years, Lancey Energy Storage has attracted many energy suppliers and social landlords with its radiator. The company installed nearly 800 radiators in 2019 and hopes to use this fundraising opportunity to commercialise its radiator to the end consumer starting from 2020 in France and around the world, relying in particular on its new partners.
According to Raphaël Meyer, President of Lancey, "this fundraising is the crowning achievement of the sprint ran by our team in 3 years and allows us to pursue a great industrial and social vision: converting buildings to self-consumption of renewable energy, thanks to energy storage. Engie, one of the world's most active energy companies in the energy transition, will bring us its credibility and the strength of its network. With Stelpro, the leader in the Canadian market, we will build and produce a Stelpro Powered by Lancey solution, adapted to North American expectations. Therefore, this fundraising brings more than just funds: it concretises Lancey's strategy of industrial and commercial alliances and international development.
Intelligent energy management, Lancey's prowess
Batteries are the future of home energy management. But their price and size are a barrier to mass adoption. Lancey Energy Storage has been able to embed them in elegant radiators that do not require any complicated installation and can be integrated into any space, including apartments. This multi-patented technology allows Lancey Energy Storage to provide a radiator with unprecedented technological innovations.
The Lancey Energy Storage solution is distinguished by a lithium-ion battery integrated in the radiator that can be charged during off-peak hours or by renewable energies such as solar energy and then reused during peak hours, when electricity is more expensive and generates CO2 or when renewable energies are no longer available.
It is also based on sensors and its connectivity (cellular / wifi / Zigbee) allows data to be collected in all rooms of the building. Then, an EMS (Energy Management System) analyses photovoltaic production, device consumption and sensor data to optimise energy consumption and reduce electricity bills.
More than just a confortable radiator
By combining two heating modes with high-performance electronic control and numerous sensors, Lancey radiators optimise electricity production and save up to 50% of the heating bill. Lancey promotes self-consumption by storing locally produced energy in its connected batteries. Distributed storage is essential to balance the grid and integrate more renewable energy through self-consumption and grid services.
These are the technological elements that particularly attracted Yves Chabot, President of Stelpro "The solution proposed by Lancey is a major paradigm shift for the electric heating industry and we are proud to be associated with it. This investment allows us to accelerate our positioning as a major player in the energy transition in North America by drawing inspiration from the best practices in Europe. In addition, our collaborative agreement to develop the North American market will allow us to leverage Lancey technology and provide tomorrow's solutions that will enable consumers, power producers and other energy players to address the challenges they face. »
This fundraising will also allow Lancey to confirm its strong innovative character and develop numerous projects. The young company also presented a world first unveiled in partnership with La Poste Group on the second battery life: its unique architecture allows it to reuse secondhand batteries from electric bicycles, offering a concrete alternative to the brambly problem of the fatal end of the battery’s life span.
About the Lancey radiator:
Available in one model: 1200W (80*60*13,5cm; 26kg)
Battery characteristics: 0.8kWh capacity, lithium ion
Solution protected by 8 patents, Made in France. Lancey visuals available here
About Lancey Energy Storage:
Lancey Energy Storage is a Grenoble-based start-up founded in 2016 and managed by Raphaël Meyer, Gilles Moreau and Jérémy Renard. The company developed with the deep conviction that energy storage was the major challenge of the energy transition, with the mindset to reduce the energy bill for vulnerable households and to make energy storage accessible in every household. It is this crazy bet of the "energy transition for all" that the company is on the way to succeed by offering the most economical energy management and heating solution on the market. The company has now installed some 800 units, and plans to install more than 100,000 units in the next five years.
This project has received funding from the European Union under the Horizon 2020 research and innovation programme with grant number 850151.