Solus Power, an innovative UK-based defense technology startup, has initiated its Series A funding round, targeting a £5 million investment to support its cutting-edge energy solutions. The company is valued at £28.5 million and aims to revolutionize energy accessibility across the defense, security, and civilian sectors with its advanced battery technology.
Founded in 2020 and headquartered in London, Solus Power specializes in the development of military-grade portable Lithium-ion battery technology. Their signature product, known as Kratos, is a rugged and modular battery pack designed to function as a "Jerry can of electricity." This technology provides portable, flexible, and scalable off-grid power, making it ideal for military operations, emergency services, and diverse civilian applications.
Led by a seasoned team, including experienced board members from Goldman Sachs, Solus Power seeks to enhance its technology and expand its team with the new funding. The investment will also support the establishment of a robust manufacturing and supply chain, essential for scaling up production. Key hiring will focus on research and development, sales, and operations to strengthen the company's capabilities.
CEO Stas Leonidiou expressed pride in the team's relentless efforts over the past two years, which have culminated in a transformative energy solution. He emphasized that securing the Series A funding is crucial for propelling their technology to the next stage, enabling accelerated product development and scaling. The current geopolitical climate has heightened interest from institutional investors, fueling confidence in the success of this funding round.
Kratos is designed to address power provision challenges and reduce reliance on fossil fuels for military units operating in diverse locations. Compliant with NATO and UK defense standards, it supports the growing range of electronic equipment used in modern warfare, such as drones and advanced communication devices. Additionally, its versatility makes it well-suited for disaster response and industrial settings where mobile power solutions are necessary.
Solus Power is also advancing a high-capacity charging technology called Titan, aimed at addressing the charging infrastructure challenges faced by electric vehicle fleets. This solution offers high-power DC charging for scenarios where grid connections are cost-prohibitive or logistically challenging.
The company’s military-grade technology has received validation from the Ministry of Defence, having won the 2024 Defence and Security Accelerator competition for innovations that enhance operational self-sufficiency and energy solutions.
With the global military battery market expected to grow from $1.3 billion in 2022 to $1.6 billion by 2027, and European Union defense spending projected to reach €326 billion in 2024, Solus Power is strategically positioned to capitalize on these expanding opportunities. As defense budgets increase, particularly with record allocations for 2023 and 2024, the demand for Solus Power's innovative energy solutions is poised to grow significantly.
