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 based at Edinburgh Technopole, is a unique business technology park, set amongst 126 acres of mature parkland just eight miles south of the city centre and offers a wealth of flexible office and product development space with generous parking provision and excellent transport links.
For more information, please contact:
Unit 4, Bush House
Tel: 0131 445 7772