Press Release: £1m Funding for Electric Vehicle Technology Company Dukosi
Dukosi Ltd, an Edinburgh-based developer of battery management and optimisation technology for electric vehicles, today announces an equity funding of £1m to develop its electric vehicle battery management technology into commercial products.
The funding was led by IP Group plc, and was also supported by existing shareholders Par Equity and Scottish Investment Bank (the investment arm of Scottish Enterprise).
Dukosi, which was founded in 2003, has developed a patent-pending system that promises to deliver extended vehicle range, more rapid vehicle charging as well as enhanced residual values for used electric vehicle batteries.
According to Navigant Research, the global light duty electric vehicle market is expected to grow from 2.7 million vehicle sales in 2014 to 6.4 million by 2023. The majority of this growth will be in the fully battery electric vehicles and plug-in hybrid vehicles that have the largest batteries and are the initial target market for Dukosi’s technology.
Dukosi CEO, Dr Gordon Povey, said:
“This investment is a great endorsement of the progress we have made during this year and will enable us to move to the next level. Our technology uniquely addresses the current barriers to growth in the electric vehicle market, i.e. limited range, the need for rapid charging, and also cost issues. We feel we have a very relevant technology addressing a market that is witnessing rapid growth. We are delighted by the support we have continued to received from our existing shareholders and we look forward to working with IP Group too during the next stage of the company’s development.”
Dukosi is a pioneer in battery optimisation and energy management systems for Electric Vehicles (EV). Dukosi’s patent-pending technology addresses the greatest challenges for EVs today: maximizing the performance, reliability and safety of the vehicle battery system.
Dukosi has years of specialist integrated circuit design experience and has worked with leaders in EV manufacture to identify and develop technology that address today’s challenges and offer greater performance and functionality to support an acceleration in EV sales.
For more information about Dukosi visit www.dukosi.com.
About IP Group
IP Group is a leading UK intellectual property commercialisation company, developing technology innovations primarily from its research intensive partner universities. The Group offers more than traditional venture capital, providing its companies with access to business building expertise, networks, recruitment and business support.
IP Group’s portfolio comprises holdings in around 90 early-stage to mature businesses across the Healthcare, Biotech, Cleantech and Technology sectors. These businesses include Oxford Nanopore Technologies, the DNA sequencing development company, Revolymer, best known for its removable chewing gum and Xeros, which has received many accolades for its revolutionary clothes washing techniques with a much reduced requirement for water.
For more information, please visit our website at www.ipgroupplc.com.
About Par Equity
Par Equity is a venture capital investment firm focused on early stage, innovative businesses with high growth potential. Founded in 2008, it has built up a portfolio of over 20 companies across the United Kingdom and Republic of Ireland. Par Equity manages investment funds and provides an execution-only investment service to the Par Syndicate, one of the larger and more active business angel groups in the country.
For more information, visit www.parequity.com.
About the Scottish Investment Bank
The Scottish Investment Bank is the investment arm of Scottish Enterprise, operating Scotland-wide in partnership with Highlands and Islands Enterprise. It manages a suite of funds including the Scottish Co-investment Fund and the Scottish Venture Fund, which are partly funded by the European Regional Development Fund (ERDF); the Scottish Seed Fund, the Scottish Recycling Fund and the Renewable Energy Investment Fund. SIB is also the cornerstone investor in the privately-managed Scottish Loan Fund and an investor in Epidarex Capital’s life sciences fund. These support Scotland’s SME funding market to ensure businesses with growth and export potential have adequate access to capital. SIB also provides a team of financial readiness specialists to help companies prepare for new investment and more easily access finance.
For more information, visit www.scottish-enterprise.com/sib.