“It is a huge achievement for Relectrify to be selected in the 2018 intake of Free Electrons after more than 500 applications were received globally, and a great opportunity to help take their idea to the next stage.
“Relectrify is a company that has recognised an emerging market in repurposing electric car batteries and we’re excited to spend some time working with them to see if we can help them develop it commercially.
“Technology is driving rapid change in the energy industry, facilitating 24-7 interaction with our customers and giving them greater control over their energy use and costs. We are embracing start-up culture through our involvement with Free Electrons and opening the doors to new ideas and ways of interacting with our customers,” Lucas said.
Portugal's EDP Innovation, another Free Electrons founding partner, said the standard of the applications was so high the program had to be expanded to 15 start-ups this year.
“It was not easy to pick from such a strong batch, in fact in the end we had to choose 15, and not the 12 we intended, and I believe that says a lot about the global quality of the program,” EDP executive board member Luis Manuel said.
During the program, participants will work closely with local players, utilities, mentors and other resources in order to accelerate their company’s growth.
Free Electrons 2017 generated an overall financial value of contracts signed between the 12 start-ups and the 8 utilities of about US$2 million, with a pipeline of ongoing opportunities surpassing US$12 million.