Solus Power opens Series A funding round
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Established in 2020 and headquartered in London, Solus Power is specialised in the mobilisation of energy through the development of cutting-edge military-grade portable Lithium-ion battery technology.
Its Kratos technology is an industry-first ruggedised and modular Lithium-ion battery pack, referred to as a ‘Jerry can of electricity’. Kratos’ dual-use technology provides portable, flexible and scalable off-grid power whenever and wherever – an ideal solution to support global defence and security and the evolving electrified military landscape.
Led by an experienced team including seasoned board executives with backgrounds at Goldman Sachs, its Series A targets a raise of £5 million with an overall valuation of £28.5 million. The funds raised will go towards advancing the development of its ground-breaking, dual-use technology and expanding upon its experienced team.
Solus Power will simultaneously seek to establish a robust manufacturing and supply chain with production lines capable of producing units at a mass scale. Further investment will see Solus Power expand its team of experts with key personnel hiring in in R&D, sales, and operations.
Stas Leonidiou, founder and CEO of Solus Power, said: “Solus Power’s experienced board and team of experts have been working relentlessly over the past two years to create a product that will transform how energy is transported, used, and stored. It gives us much pride to launch our Series A opening. Funding will be pivotal to taking our innovative technology into its next phases where we will accelerate product development and scale our production capabilities.
With the current geo-political landscape and potential demand for Solus Power’s technologies, we have already had interest from institutional investors and are confident the round will be fully subscribed and filled.”
Solus Power’s Kratos has been developed to solve the challenges of providing power and reducing dependency on fossil fuels across diverse locations and infrastructure availability faced by military units.
Compliant with NATO & UK defence standards for battlefield operations, its sustainable off-grid mobile DC-to-DC rapid charging and energy storage can provide mission critical portable energy to the increasing number of electrical equipment and systems entering modern warfare such as drones, GPS and advanced communications. In addition, the versatile energy solution is ideally positioned for disaster response, emergency services, and industrial applications where power needs to be mobile.
Solus Power has also developed a higher-capacity charging technology called Titan, which has been designed to solve the challenges faced by car hire and fleet operators of electric vehicles. The solution can provide high power DC charging to operators that are unable to obtain grid connection for charging points due to high cost or logistical impossibility.
Solus Power’s proven military-grade technology has been validated by experts and key stakeholders within the MoD, having successfully won the 2024 Defence and Security Accelerator competition to find innovations to enhance operational advantage through improved self-sufficiency and energy solutions.
The global military battery market was valued at $1.3B in 2022 and is projected to grow to $1.6B by 2027 (CAGR: 4.0%). The lucrative market opportunity for defence technology is being fuelled by the growing EU defence expenditure growth. EU member state spending surged to €279 billion in 2023, a 10% increase from 2022, with projections to reach €326 billion in 2024, bringing it closer to NATO’s 2% GDP guideline.
This aligns with record-breaking defence investment where €72 billion was allocated in 2023 (26% of total defence budget), with forecasts exceeding €100 billion in 2024 (31% of total expenditure).
