The funding to develop Dukosi’s electric vehicle battery management technology into commercial products was led by IP Group plc, and supported by existing shareholders Par Equity and Scottish Investment Bank (the investment arm of Scottish Enterprise).
Top ten Scots law firm, Morton Fraser has been working with Dukosi, a pioneer in battery optimisation and energy management systems for Electric Vehicles, since 2010 and has advised on a variety of corporate and commercial matters including a share capital re-structuring and earlier equity fund-raisings, supporting Dukosi’s patent application for its system that promises to deliver extended vehicle range, more rapid vehicle charging as well as enhanced residual values for used electric vehicle batteries.
Austin Flynn, Head of the Corporate Division at Morton Fraser, said:
“This is an important deal and we're delighted to continue supporting Dukosi's growth in such a significant market.
“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 receive from our existing shareholders and we look forward to working with IP Group too during the next stage of the company’s development.”